Core Insights - The global pet cooling products market is experiencing significant growth, driven by factors such as rising temperatures and increased pet health awareness, with sales of products like cooling mats, cooling clothing, and pet ice cream surging in various hot countries [1][2][6] Market Overview - The global pet cooling products market is projected to reach $740 million in 2024 and exceed $1.2 billion by 2027, indicating a shift from a niche market to a new necessity in cross-border markets and a growth area for Chinese manufacturing [2] - The search and purchase interest in pet cooling products has been steadily increasing ahead of the summer of 2025, reflecting a broader trend rather than a coincidence [3] Product Trends - Keywords such as "summer," "sun protection," "cooling," and "breathable" are prevalent in product titles across platforms, indicating high consumer interest in cooling products [4] - Specific products like self-cooling mats have seen a 35% year-on-year increase in search volume, while lightweight cooling products have experienced a 50% increase in searches [4][9] - The pet cooling economy is evolving from a low-frequency necessity to a multi-scenario, high-margin category, with innovative products emphasizing emotional experience and visual appeal [10][11] Consumer Behavior - The perception of pets as family members has led to increased spending, with U.S. pet owners spending an average of $4,366 annually per pet, and Gen Z spending even more [7] - Concerns about pets overheating have become a significant issue, with social media amplifying this anxiety and driving demand for cooling products [8][10] Supply Chain Dynamics - Chinese manufacturers are adapting to the demand for cooling products year-round by leveraging global markets, including the Southern Hemisphere and tropical countries, to achieve continuous sales growth [12][20] - The supply chain is characterized by a tiered export system, with different regions in China specializing in various market segments, from low-end to high-end products [14][18][23] Challenges and Barriers - Despite the booming market, Chinese companies face challenges such as rising product standards, user awareness, and brand building, which are becoming significant barriers to entry in mature global markets [27][34] - Product safety and compliance with international regulations are increasingly critical, especially for items that directly contact pets [28] - Consumer understanding of cooling products remains low, with many relying on weather conditions or social media recommendations rather than a genuine understanding of product benefits [30][31] Future Outlook - The pet cooling market is expected to continue growing, with the potential for year-round demand and the emergence of innovative products that cater to evolving consumer needs [35][36]

Core Viewpoint - The competition for the 6GHz frequency band has intensified, with the FCC's recent decision to auction off parts of this band marking a significant shift in the global telecommunications landscape [1][11][12]. Group 1: Importance of 6GHz Frequency Band - The 6GHz frequency band is a critical resource due to its combination of wide coverage and high capacity, making it a strategic asset for both mobile communication and WiFi technologies [1][5][6]. - The 6GHz band is seen as essential for the development of future mobile communication systems, particularly 6G, over the next 5 to 10 years [7][13]. Group 2: Global Positioning and Strategies - China has already taken a clear stance by allocating the upper part of the 6GHz band (6425—7125MHz) for IMT systems in 2023, positioning itself as a leader in the global telecommunications race [1][15]. - The U.S. initially opposed this allocation, having designated the entire 6GHz band for WiFi use in 2020, but has now reversed its position to allow for IMT system usage through an auction process [1][11][12]. Group 3: Industry Dynamics - The mobile communication camp, including major operators and equipment manufacturers, has united to advocate for the use of the 6GHz band for mobile systems, highlighting its importance for future developments [7][13]. - Conversely, the WiFi camp is pushing for access to the 6GHz band to alleviate congestion issues faced by existing 2.4GHz and 5GHz bands, which are becoming increasingly inadequate for modern applications [7][8]. Group 4: Regional Developments - India has also announced its allocation plan for the 6GHz band, designating the upper part for 6G systems and the lower part for WiFi, reflecting a trend towards a balanced approach in frequency allocation [10][14]. - The FCC's recent decision aligns with a growing consensus among global telecommunications operators, including those in Europe, advocating for the upper part of the 6GHz band to be reserved for mobile networks to maintain competitive advantage [13][14].

出品 | 妙投APP 作者 | 刘国辉 图片来源| AI制图 泉果基金最近宣布，旗下泉果泰岩3个月定开债基金清盘。该基金去年6月成立，为机构定制基金，刚成 立时规模16.30亿元，此后持有人不断减持，到今年一季度时，只剩下1.9亿元。此次清盘后，管理该基 金的基金经理戴骏已经没有在管产品。 更为棘手的是，明星基金经理赵诣管理的泉果旭源三年持有期混合，2022年刚成立时规模约99亿元，到 今年10月18日首批投资者将过了三年锁定期，截至目前亏损20%左右。如果接下来几个月里不能有很好 的上涨趋势，可能会面临部分投资者的赎回压力。这个产品目前规模为130亿元，占到公司整体规模的 八成。 无论是董事长任莉、总经理王国斌，还是基金经理赵诣，现在可能都感受到一丝压力。 成立于2022年的泉果基金，因为拥有明星阵容而备受关注，如今的势能相比当初成立时的高调，已经不 可同日而语。为什么会如此？ 从发行火爆到门庭冷落 2016年，王国斌从东方红资管董事长的位置上离任，投身一级市场，6年之后，他又重回二级市场，与 老搭档、东方红资管原总经理任莉联合创立了个人系公募泉果基金，二人各持有35%的股权。当年在东 方红资管，王国斌负责 ...

声势浩大的外卖大战终于要被叫停了。 就在上周，市场监管总局约谈外卖平台三位巨头，提醒他们理性竞争。 言下之意就是，别卷了，再卷下去大家都没好果子吃。 这声"叫停"来得很及时。 因为就在约谈前两天，美团核心本地商业CEO王莆中非常坦率地向媒体表达了他对"外卖大战"的看法："（现在）这样卷没意义，对行业也是伤害。" 王莆中说得很直白，现在外卖大战中大多数订单是"泡沫"。 那种"1块钱买12瓶水"的低价订单，除了能够让订单量数据变得好看，其实没有任何作用，既不能带来交易额增长，也没办法创造出利润，只会扭曲整个 市场。 明知道没用，为什么还要做呢？ 首先，用户的热情会刺激这件事发生。 新平台接连涌入，试图复制过往"烧钱换市场"的模式，通过"百亿补贴"掀起行业价格战。 短短不到三个月的时间内，市场前赴后继地涌入近800亿补贴资金时（京东两次宣布投入百亿、饿了么宣布投入百亿、淘宝闪购宣布投入五百亿），补贴 已经不仅仅是补贴，而成为一种全民节日的存在。 "你不想做，用户也会让你做的。"毕竟气氛已经烘托到位了。 一 另外，其它平台都在做，你不做，就会被认为是怕了，是输了。 就像王莆中说的那样，美团不想内卷，也一直在反内卷，并 ...

Core Viewpoint - The mobile phone retail market, especially in county-level cities, is experiencing a significant decline, with many stores struggling to survive as consumer preferences shift towards online shopping and larger retail spaces [5][10][37]. Group 1: Market Decline - The once-thriving mobile phone market in Chengdu has seen a drastic reduction in foot traffic and sales, with many stores now empty [1][4]. - A mobile store owner recalls that before 2017, business was flourishing, but now sales have plummeted to just a few units per week [2][3]. - Nationwide, many consumers returning home for the holidays notice a stark decline in the number of mobile phone stores, reminiscent of the rapid decline of internet cafes [4][5]. Group 2: Changing Retail Landscape - The traditional mobile phone retail model is collapsing, with major brands reducing their reliance on small mobile stores in favor of more attractive retail environments in shopping malls [10][12]. - Disixtong, a major mobile retail chain, saw its store count drop from over 3,000 in 2015 to around 600 by 2023, indicating a significant contraction in the sector [7][9]. - The profit margins for mobile phone sales have drastically decreased, with one retailer noting a drop from over 400 yuan to just over 100 yuan per device [9][10]. Group 3: Consumer Behavior Shift - Consumers, particularly younger demographics, are increasingly opting for online purchases, leaving county-level mobile stores at a disadvantage due to lack of price competitiveness [10][14]. - Middle-aged and elderly consumers, once a primary customer base for county mobile stores, are now less frequent visitors, often preferring online shopping to avoid being misled by sales tactics [19][20]. - The market for budget smartphones remains strong, with devices priced below 1,000 yuan accounting for a significant portion of sales, yet the low profit margins make it unappealing for local stores [26][27]. Group 4: Adaptation and Diversification - Many county mobile stores are diversifying their offerings, including mobile repairs and second-hand phone sales, as traditional sales decline [32][34]. - The second-hand mobile phone market is growing, projected to account for 20% of the total market by 2024, providing some relief to struggling retailers [34][36]. - However, the sustainability of this growth is uncertain, as competition from online platforms and other channels intensifies [35][36].

Core Insights - The article discusses the increasing number of failed AI projects, with a specific focus on the "AI Graveyard," which has seen a growth from 738 to over 1100 projects in just six months, representing a growth rate of over 50% [1] - It emphasizes the importance of a robust business model for AI companies to survive in a competitive market, highlighting that many failed projects focused too much on large model technology without considering the significance of business model design [2][34] Group 1: AI Graveyard and Project Failures - The "AI Graveyard" includes a wide range of AI applications, from general functionalities like AI voice and image processing to specialized products in data analysis and marketing management [1] - Notable failures include projects from major companies and startups, such as OpenAI's Whisper.ai and Google's competitor Neeva, indicating that even established players are not immune to failure [1] Group 2: Business Model Importance - A core reason for the high failure rate in AI projects is the neglect of business model design, which is crucial for identifying application scenarios and creating value [2] - Companies are advised to evaluate their survival capabilities using a "cake model," which assesses product value space, cutting mode, resource capabilities, profitability, ecosystem support, and data security [3][6][19] Group 3: Evaluating Product Value Space - The existence of a product's value space is critical; many failed projects had a narrow value proposition, such as AI Pickup Lines, which lacked a broad market application [8] - Successful products must create significant value and either capture existing market share or create new market opportunities [8][9] Group 4: Cutting Mode and Market Entry - Companies need to adopt a sharp cutting mode to effectively address user pain points and ensure market acceptance [12] - OpenAI's ChatGPT is cited as a successful example of a product that effectively engaged users and generated interest in large models [12][13] Group 5: Resource Capabilities and Barriers - AI companies must establish strong barriers to protect their market position, as many startups rely on generic large model applications that can easily be replicated [17][18] - The threat from tech giants entering the market poses additional challenges for smaller companies lacking robust competitive advantages [18] Group 6: Profitability and Cost Control - Companies must design sustainable profitability models that balance pricing strategies with market competition to avoid price wars [19][20] - High development costs for large models, such as OpenAI's GPT-4, highlight the financial challenges faced by AI companies [21][22] Group 7: Ecosystem Support - The success of AI products often depends on the existence of a supportive ecosystem that facilitates continuous iteration and market adoption [26] - OpenAI's Sora and Adobe Premiere are contrasted in their approaches to ecosystem development, with Adobe focusing on optimizing existing processes rather than attempting to overhaul the entire industry [27][29] Group 8: Data Security Risks - Data security remains a significant concern for AI applications, with examples like Whisper.ai illustrating the potential risks associated with sensitive data handling [30][31] - Companies must prioritize data security in their product designs, especially when serving high-stakes industries [32][33] Group 9: Need for Business Model Innovation - The article concludes that many AI companies need to upgrade their business models to remain competitive, particularly in the context of China's unique industrial landscape [34][35]

商品市场对反内卷的计价已然轰轰烈烈。很多人尝试对标2015～2016年的供给侧改革行情，但值得注意 的是，此时与彼时已有很大的不同：在见到供改的明确方案和目标前，市场已经迅速进入了加速的阶 段。历史记忆之下，市场似乎明显压缩了上一轮"质疑"和"犹豫"的环节。 这表明，在各路测算之余，我们还需要对上一轮供改的"情绪节奏"进行复盘，我们看到，在巨大的上升 行情中，质疑、笃定、验证、恐慌、凝聚、狂热…在每一个阶段表现得淋漓尽致，供改从口号到现实并 不是一路坦途。其中既有政策执行过程中必然的纠结反复，也有市场和行业的反身性演绎。 本文以复盘为先，希望直接阅读结论和启示的读者可以照例直接拉到文末。 一般认为供改的起点是2015年11月，但从黑色系行情来看，直到12月18日细化提出"三去一降一补"后， 黑色系行情才算正式启动。需要注意到，尽管地产需求是供改行情的大背景，但并非直接触发，产业高 度过剩的阶段，需求端并非主导逻辑。在后视镜看来相当重要的棚改货币化政策，早在2015年3月即已 提出，经历了5月PSL的加速落地和6月地产新政的加速，已经全面铺开了大半年。 截至年末，尽管土拍和新开工面积增速都还处于水下，但地产销售 ...

Core Insights - The gaming industry is experiencing increasing concentration, with top companies dominating the most lucrative segments, attracting most user engagement with evergreen products [1] - Many companies are exploring opportunities on the Steam platform, particularly focusing on buyout games due to their stable return expectations and lower risk of loss compared to more competitive segments [2][3] Group 1: Changes in Steam's Bestsellers - The recommendation algorithm for Steam's new product festival has changed, allowing for targeted recommendations, which has led to the emergence of several retro-style small-scale hit products [5] - Domestic major companies' investments in overseas studios are starting to show results, with these studios releasing products that incorporate popular gameplay trends [6] - There is a noticeable trend of fewer original IPs among this year's bestsellers, with many being sequels to classic series or remakes, developed by teams experienced in specific gameplay styles [7] Group 2: Performance of Small-Scale Games - In the first half of 2025, 40% of the top 30 selling games on Steam were independent or AA games, indicating a decline in the dominance of traditional AAA companies [9] - Successful small-scale hit products often focus on single classic gameplay mechanics, relying on low-cost control, shareable design, and deep optimization of the experience [12] - Notable small-scale hits include "Heroes of Hammerwatch II," "The Headliners," and "Age of Darkness: Final Stand," showcasing simple yet engaging gameplay [14][15][16] Group 3: Trends in Medium and Large Games - Approximately 70% of successful medium to large games in the first half of 2025 are sequels or remakes of classic IPs, while only about 10% are new IPs created through innovative gameplay [21] - Domestic companies are increasingly focusing on buyout games, which provide stable returns and allow for the testing of new gameplay ideas [23][24] - Major companies like Tencent and NetEase are investing in promising single-player game teams to mitigate risks while developing new IPs [25] Group 4: Upcoming Trends and Predictions - The second half of 2025 is expected to see a continuation of the trend towards classic IP sequels, with players showing a strong interest in nostalgic gameplay experiences [37] - Anticipated titles include new entries in established franchises and remakes, which are likely to perform well in the market [39][40] - The market is looking for products that not only leverage established IPs but also meet modern player demands for engaging and shareable gameplay experiences [42]

Core Viewpoint - The article discusses the rise of "ugly shoes" as a fashion trend among young people, highlighting a shift from traditional stylish footwear to more comfortable and unconventional designs that prioritize comfort over aesthetics [1][3][4]. Group 1: Fashion Trends - 2024 is declared the year of ugly shoes, with a trend towards wearing increasingly unconventional and unattractive footwear as a statement of individuality [3][4]. - Popular styles include clogs, Ugg boots, and chef shoes, which are now embraced by a wide demographic, from celebrities to everyday workers [3][4]. - The trend reflects a broader cultural shift away from consumerism and traditional fashion norms, with young people opting for comfort and practicality [4][45]. Group 2: Specific Shoe Styles - New versions of ugly shoes are emerging, with designs that intentionally emphasize unattractiveness, such as ballet flats inspired by old-fashioned shoes and five-toe shoes [6][22]. - The popularity of mesh shoes and jelly sandals has surged, with prices reaching up to $950 for designer versions, indicating a willingness to pay for unique and comfortable designs [10][12][24]. - Brands like KEEN have gained traction among young consumers, with their outdoor shoes being worn in urban settings, showcasing a blend of functionality and style [50][58]. Group 3: Cultural Implications - The shift towards ugly shoes signifies a rebellion against traditional beauty standards and societal expectations, particularly regarding women's fashion [71][75]. - High heels are increasingly viewed as outdated and impractical, with many young women opting for comfortable alternatives that reflect a more relaxed and authentic lifestyle [81][89]. - The article suggests that this trend is not just about footwear but represents a broader cultural movement towards comfort, individuality, and a rejection of past fashion norms [89][90].

Core Insights - Climate change is leading to unprecedented increases in global surface temperatures, with 2024 projected to be 1.49°C higher than pre-industrial levels, marking a continuous trend of record-breaking heat [1] - The health impacts of climate change are significant, with the WHO estimating that by 2030, climate-related hazards could result in approximately 250,000 deaths annually and health costs ranging from $2 billion to $4 billion [2][3] - Climate change is linked to various health issues, including heat-related illnesses, food poisoning, and the exacerbation of respiratory and cardiovascular diseases [3][4] Impact on Eye Health - Research indicates that climate change adversely affects eye health, with rising temperatures correlating with increased cases of cataracts and other eye diseases [7][8] - A study in Spain found that for every 1°C increase in average annual temperature, there is an increase of 371 cataract cases per 100,000 residents [7] - In China, populations experiencing extreme temperatures show significantly higher rates of glaucoma and conjunctivitis [8] Mechanisms of Impact - High temperatures can lead to heat stress, which damages the eye's natural defenses and contributes to cataract formation [10][12] - Increased UV radiation due to ozone depletion can cause direct damage to eye tissues, leading to conditions such as corneal inflammation and cataracts [12] - Air pollution, including particulate matter, negatively impacts tear film quality and can lead to dry eye symptoms and other ocular diseases [13][14] Vulnerable Populations - Certain groups are more susceptible to the eye health impacts of climate change, including children, pregnant women, the elderly, individuals with pre-existing health conditions, and outdoor workers [18][19][20][21][22] - Children are particularly at risk due to their increased exposure to UV radiation and lack of protective awareness [18] - Pregnant women may experience changes in eye health due to physiological changes during pregnancy [19] Protective Measures - Recommendations for protecting eye health include wearing UV-protective sunglasses, maintaining indoor humidity, reducing screen time, and ensuring a balanced diet rich in essential nutrients [23][24][25][26] - Regular eye examinations are advised, especially for those over 50 or with pre-existing conditions [28]