Core Viewpoint - Transsion Holdings, known as the "King of Mobile Phones in Africa," is facing a significant decline in profitability, with a more than 60% year-on-year drop in net profit for Q1 2025, attributed to intensified competition and rising supply chain costs [1][2]. Group 1: Q1 Financial Performance - In Q1 2025, Transsion Holdings reported revenue of 13.004 billion yuan, a decrease of 25.45% year-on-year, and a net profit of 490 million yuan, down 69.87% year-on-year [2]. - The company's gross profit margin fell to 19.27%, a decline of 2.88 percentage points compared to the previous year [2]. - Cash flow from operating activities was negative 740 million yuan, a drastic decline of 583.95% year-on-year, primarily due to a decrease in cash received from sales [2]. Group 2: Global Market Position - Transsion Holdings has dropped out of the top five smartphone manufacturers globally, with its Q1 2025 shipment volume categorized under "Others" [3]. - In Q1 2024, the company shipped 28.5 million units, accounting for 9.5% of the global market, ranking fourth [3]. Group 3: Market Challenges in Africa - The African market, once a stronghold for Transsion, is increasingly competitive, with brands like Xiaomi and Realme gaining market share [5]. - In Q4 2024, Transsion held a 49% market share in Africa, but its growth was only 1% year-on-year, while Xiaomi and Realme reported significant increases in their shipments [5][6]. - Transsion's revenue in Africa for 2024 was 22.719 billion yuan, a growth of 2.97%, which is a slowdown compared to 6.74% in 2023 [6]. Group 4: Expansion Challenges in Emerging Markets - In India, Transsion's market share is only 5.7%, ranking eighth, facing strong competition from established brands [7]. - The company is experiencing greater competitive pressure in Southeast Asia, where it has yet to establish a strong brand presence [7]. - Revenue from Asia and other regions in 2024 was 44.737 billion yuan, a year-on-year increase of 13.96%, but the gross margin decreased by 2.52 percentage points to 17.66% [7]. Group 5: Ineffectiveness of Diversification Strategy - Transsion is attempting to diversify its business model by integrating mobile internet services, home appliances, and digital accessories, but the results have been underwhelming [8]. - The company has launched various applications and partnered with mobile payment services, yet it struggles to compete with rivals that have established comprehensive ecosystems [8]. - Revenue from non-mobile businesses, including home appliances and digital accessories, was only 4.259 billion yuan in 2024, accounting for less than 10% of total revenue [9].

2025年5月6日凌晨，纽约华尔街的电子屏刚熄灭交易数据，香港金融管理局的紧急操作指令已跨越太平洋——78.12亿美元沽盘被接下，605.43亿港元流动 性如潮水般涌入市场。 这还没完，当天晚些时候，香港金管局又卖出127.9亿港元，这也是上周五以来香港金管局第四次重拳出击，累计投放量已达1294.02亿港元。 1998 年 8 月 28 日，香港会展中心新翼五楼弥漫着紧张与振奋交织的气氛。身着深色西装的投行精英们步履匆匆，额间未干的汗渍与紧绷的面容仍 残留着金融风暴的惊心动魄。 在铺满庆贺花篮的大会堂前厅，新任总经理高西庆宣布：中国一家新的国际投资银行——中银国际控股公司正式成立。 但真正让空气为之震颤的，是时任香港特首董建华先生的发言，"香港守住了！联系汇率制度没有被撼动！" 2025 年的今天，这套历经 1987 年股灾、 1997 年亚洲金融风暴、 2008 年金融危机考验的机制，又一次迎来了历史性考验。 01 四天累计投放上千亿港元 时针回拨至5月3日，当港元汇率触及7.75的强方兑换保证红线，465.39亿港元如开闸春水冲入银行体系。这是自2020年10月28日以来，强方兑换保证首次被 触发。48 ...

美国政府近期要求多所高校改革，于3月撤销对哥伦比亚大学4亿美元的联邦拨款。受此影响，哥伦比亚大学本月6日宣布裁员近180人。 2020年3月10日，在美国纽约哥伦比亚大学，学生在图书馆的台阶上学习、聊天。新华社记者王迎摄 哥伦比亚大学当天发表声明说，校方"不得不就财务资源分配做出慎重、周全的决定"。此次收到不续约或终止合约通知的员工人数，约占联邦拨款 撤销所影响员工总人数的20%。 美国大学教授协会哥伦比亚大学分会秘书马塞尔·阿格罗斯说，尽管裁员在意料之中，对教职工来说仍"令人沮丧"。 美国大学教授协会已在联邦法院提起诉讼，控告美国政府撤销联邦拨款的行为违法。 这是2024年4月26日在美国纽约的哥伦比亚大学拍摄的"声援加沙营地"抗议活动现场。新华社记者刘亚南摄 自今年1月唐纳德·特朗普出任总统以来，美国政府要求国内多所顶尖高校调整政策，根除所谓的反犹主义，废除向少数族裔倾斜的招生政策等举 措，如不调整政策将面临削减资金的后果。 特朗普政府3月撤销对哥伦比亚大学的4亿美元联邦拨款。校方几周后作出妥协，同意按照政府要求推行一些改革，包括彻底改革学生纪律处分程 序、使用"反犹主义"的新定义，以及将中东研究项目置于 ...

来源|财联社 摩根大通表示，尽管美国总统特朗普越来越迫切地呼吁美联储降息，但美联储目前处境艰难，可能 束手无策。 该行分析师在最新报告中表示，市场几乎认定了美联储在本周的议息会议上不会降息，但值得注意 的是， 美联储在后续会议上降息的可能性也很低。 根据小摩的说法，美联储官员在货币政策方面束手无策、不敢轻举妄动有以下两个原因： 1.通胀预期正在上升 摩根大通表示，通胀前景加上不断恶化的"软数据"是目前不会降息的原因之一。 最新的消费者通胀报告显示，3月份同比增长2.4%，高于美联储2%的目标。但与未来可能发生的 情况相比，这一数字仍相当低：密歇根大学（University of Michigan）编制的未来一年预测为 6.5%。 分析师指出，特朗普的关税政策预计会提高消费者的成本，这是预期上升的主要原因。对贸易战的 担忧加剧了滞胀风险，加大了美国经济陷入增长停滞、物价持续上涨的可能性。这种情况实际上会 使美联储陷入瘫痪，因为它无法同时应对这两个问题。 尽管未来通胀预期等"软数据"可能最终会给投资者带来问题，但令人鼓舞的"硬数据"似乎暂时盖过 了这些问题。 尽管未来通胀预期等软数据在走弱时可能最终会给投资者带来 ...

以下文章来源于光子星球 ，作者文烨豪 来源|光子星球 撰文 | 文烨豪 编辑 | 吴先之 2023年盛夏，上海黄浦江畔一套顶级豪宅以1.58亿元成交，引发外界瞩目——买主正是潮流电商 独角兽得物的创始人杨冰。不到一年，得物传出裁员5%的消息，约500名员工被"优化"。 一边是创始人刷新豪宅成交纪录，一边是公司以"市场环境严峻"为由的瘦身。最近一年，这家估值 一度高达700亿元的电商玩家，似乎还未摆脱成长的代价。 最近几年间，得物一路狂飙，凭借年轻人近乎狂热的追捧——自球鞋交易起步，快速扩展至奢侈 品、潮流服饰、美妆、3C电子乃至白酒等多个品类。尽管得物尚未上市，尚且缺乏权威披露的财务 数据，但按其官方口径，多项业务指标同比增长一度达到三位数，冲劲可谓迅猛。 光子星球 . 细微之处，看见未来 表面看，这家公司似乎牢牢抓住了95后、00后消费群体的心智，成为潮流消费领域最大的赢家之 一。然而，繁荣表象下暗流涌动。 一度造就神话的炒鞋热潮渐趋退散，去泡沫化的年轻用户不再盲从，真假罗生门亦在使信任度"漂 浮"，叠加全面扩张带来的品类激增，种种因素，正让这匹黑马走到岔路口。 01 驯服潮流，还是被潮流驯服？ 标榜潮流的 ...

蓝天白云，阳光明媚，现在的季节简直是出门旅游的天选日子。 踏青、登山、户外出游……但在出行前， 一双舒适的鞋子可得提前准备好！ 运动休闲鞋作为鞋子界的常青藤， 是很多人的首选，不论男女、裙装裤装都很百搭，还显得人特别朝气 蓬勃~ 不 过 市 面 上 的 品 牌 运 动 鞋 ， 动 不 动 就 是 上 千 的 价 格 ， 钱 包 是 真 承 受 不 起 ， 而 且 真 没 必 要 为 品 牌 溢 价 买 单！ 今天就给大家推荐一款我 私藏已久的 欧洲皇室73年老牌鞋—— 【Weiko Vasaci高端轻奢手工鞋】 维客瓦萨奇是一个奢品级的高端鞋履品牌， 起源于十九世纪初期，成立至今已有73年历史。 由欧洲皇室鞋履名匠维克-休斯创立， 拥有欧洲贵族定制级别的工艺底蕴，主打 产品的功能性与舒适 度。 今天给大家带来的这款 【Weiko Vasaci情侣款手工鞋】 ，不单单是舒适的运动鞋，同时也是超高颜值的 时尚单品： 英国73年老牌 自带防伪码可查 老师傅手工锻打，时尚耐穿百搭 减震防滑皮包底工艺 注重细节设计与做工 性能超好，透气软弹不闷脚 英国 Weiko Vasaci "维客瓦萨奇" 高定轻奢手工鞋 点击下图 ...

金融监管总局局长李云泽在参加国新办新闻发布会时表示，近期共推出8项增量政策，包括加快出 台与房地产发展新模式相适配的系列融资制度，进一步扩大保险资金长期投资试点范围，为市场引 入更多增量资金，调整优化监管规则，调降保险公司股票投资风险因子，支持稳定和活跃资本市 场，尽快推出支持小微企业、民营企业融资一揽子政策，制定银行业、保险业护航外贸发展系列政 策措施，对受关税影响较大的市场主体提供精准服务，修订并购贷款管理办法，加大对科创企业的 投资力度，制定科技保险高质量发展意见。 中国证监会主席吴清在参加国新办新闻发布会时表示，全力巩固市场维稳向好的势头，动态完善应 对各类外部风险工作预案，全力支持中央汇金公司发挥类平准基金作用。 他表示，A股市场的科技叙事逻辑越来越清晰，集聚效应日益明显。而 中国资产的配置价值和吸引 力都在持续提升。吴清坦言，前行的路上会有风有雨，不管是轻风细雨，还是暴风骤雨，不管是风 高浪急，还是惊涛骇浪，我们都有信心，有条件有能力来实现稳定健康发展。 历次调准后A股表现 最近一次央行降准发生在2024年9月27日，当日早间8点左右，央行发布公告称，中国人民银行坚 持支持性的货币政策立场，加大货 ...

就在刚刚，突然传来重大信息。 北京时间早上6点整，外交部发言人宣布： 应瑞士政府邀请，中共中央政治局委员、国务院副总理何立峰将于5月9日至12日访问瑞士，与瑞士 领导人及有关方面举行会谈。访瑞期间，何立峰副总理作为中美经贸中方牵头人，将与美方牵头人 美国财政部长贝森特举行会谈。5月12日至16日，何立峰副总理将赴法国与法方共同主持第十次中 法高级别经济财金对话。 15分钟后，商务部新闻发言人就中美经贸高层会谈答记者问。 有记者问：5月7日早，外交部发布消息，何立峰副总理将于5月9日-12日访问瑞士，期间与美方举 行会谈。请问商务部能否介绍一下此次会谈的背景和相关考虑？ 答：美国新政府上任以来，采取了一系列违规、无理的单边关税措施，严重冲击中美经贸关系，严 重扰乱国际经贸秩序，也给世界经济复苏增长带来严峻挑战。中方为捍卫自身正当权益，采取了坚 决有力反制。近期，美方高层不断就调整关税措施放风，并通过多种渠道主动向中方传递信息，希 望就关税等问题与中方谈起来。中方对美方信息进行了认真评估。在充分考虑全球期待、中方利 益、美国业界和消费者呼吁的基础上，中方决定同意与美方进行接触。何立峰副总理作为中美经贸 中方牵头人 ...

Core Viewpoint - The article discusses the discrepancy between President Trump's claim of gasoline prices dropping below $2 per gallon and the actual average gasoline prices reported by the American Automobile Association (AAA) and GasBuddy, highlighting the use of RBOB gasoline futures in Trump's statement [1][3][5]. Group 1: Gasoline Price Data - President Trump claimed that gasoline prices had fallen to $1.98 per gallon, the lowest in years, and urged the Federal Reserve to lower interest rates [1]. - According to AAA, the average gasoline price was $3.165 per gallon, which is approximately $1.2 higher than Trump's claim [1]. - GasBuddy reported a slight increase in average gasoline prices, reaching $3.12 per gallon, marking the first rise in nearly a month [3]. Group 2: RBOB Gasoline Futures - The price mentioned by Trump refers to RBOB gasoline futures, which hit $1.98 per gallon before fluctuating around $2 [3]. - RBOB gasoline futures track wholesale, unrefined gasoline prices and do not reflect the retail prices consumers pay at gas stations [5][6]. - The White House acknowledged that Trump's reference was to RBOB prices, with officials suggesting that Trump's policies would lead to lower gasoline prices again [5]. Group 3: Consumer Impact - RBOB prices do not include additional costs such as taxes, transportation fees, and operational costs, making them irrelevant for average consumers [6]. - GasBuddy's oil analyst stated that the RBOB price does not reflect what consumers actually pay, emphasizing that it is not meaningful for the general public [6]. - Some consumers may find gasoline prices as low as $1.99 per gallon through discounts, but this is not representative of the general market [7]. Group 4: Future Outlook - Analysts predict that gasoline prices may soon drop below $3 per gallon as refinery maintenance periods end and supply increases [7]. - Current gasoline prices are noted to be the lowest since 2021, indicating potential for further declines in the near future [7].

Core Viewpoint - L'Oréal's Q1 2025 financial report shows a sales revenue of €11.73 billion, marking a 4.4% year-on-year growth, but the growth rate is the lowest in five years, with a significant slowdown in the "skin science beauty" segment [1][2] Group 1: Financial Performance - In Q1 2025, L'Oréal's sales reached €11.73 billion, reflecting a 4.4% increase compared to the previous year [1] - The company has experienced consistent sales growth in Q1 over the past five years, but the growth rate has been declining, reaching its lowest point this year [1] - The "skin science beauty" segment, which had previously shown strong performance, has seen a notable slowdown in growth this quarter [1][2] Group 2: Business Segment Performance - The mass cosmetics division, L'Oréal's main revenue source, achieved sales of €4.279 billion, a 2.5% year-on-year increase [2] - The luxury cosmetics division, which includes brands like Lancôme and Biotherm, saw a 7.3% increase in sales to €4.093 billion, benefiting from a complementary brand portfolio [2] - The professional hair products division reported a 2.7% growth, reaching €1.277 billion, driven by a strong performance from brands like Kérastase [2] - The skin science beauty division's sales were €2.086 billion, with a 3.5% year-on-year growth, but this marks a slowdown compared to previous years [2][3] Group 3: Regional Market Insights - The European market was a highlight for L'Oréal in Q1, with sales of €3.915 billion, reflecting a 4.9% year-on-year growth [6] - The North American market faced a decline, with sales of €2.973 billion, down 1.4% year-on-year [6] - The North Asia market, which had previously seen a decline, showed recovery with a sales increase of 8.4% to €2.953 billion [6] - The Chinese market has faced challenges, marking its first negative growth in a decade, impacting overall performance [1][6][7] Group 4: Strategic Initiatives and Challenges - L'Oréal has been actively investing in the skin science beauty sector, including the launch of new products and acquisitions, such as a 10% stake in Galderma [3][5] - The company has initiated the "L'Oréal Skin Health Action" project, planning to invest €20 million over five years to enhance access to skin health services [5] - The rise of domestic brands and changing consumer preferences, particularly among Gen Z, pose significant challenges to L'Oréal's market position [8][9] - Reports indicate that L'Oréal plans to significantly reduce its tourism retail workforce in response to sluggish sales in this channel, with potential layoffs of up to 50% [9]