Group 1 - The article discusses innovative funeral practices in Japan, such as "balloon funerals" and "space burials," which are alternatives to traditional burial methods due to high funeral costs [1][2][3] - Balloon funerals involve sending ashes in a hydrogen balloon to explode at 50 kilometers altitude, costing around 12,000 RMB, while space burials can range from 25,000 to 500,000 RMB [1][2] - Traditional Japanese funerals are influenced by Chinese culture, with significant costs associated with burial plots and Buddhist ceremonies, with burial plots in Tokyo costing between 50,000 to 100,000 RMB [4][5] Group 2 - The average funeral costs in various countries are highlighted, with Japan at 66,300 RMB and China at 41,000 RMB, where burial plots account for 50-70% of the total costs [10][6] - The article notes that the high costs of funerals in China are comparable to those in Japan, with the average funeral expense being 45.4% of the annual salary [6][9] - The article emphasizes the increasing demand for innovative funeral services as traditional burial methods become more expensive and less accessible [1][2][3] Group 3 - The article mentions the emergence of new funeral products, such as "life crystals" made from ashes, and the trend of eco-friendly burials, which are becoming more popular among younger generations [36][37][50] - The concept of "end-of-life planning" or "shukatsu" in Japan encourages individuals to prepare for their own funerals, reflecting a shift in societal attitudes towards death [54][55] - The funeral industry is evolving with younger professionals entering the field, driven by changing perceptions and the desire for personalized services [40][43][51]

以下文章来源于远川科技评论 ，作者何律衡 远川科技评论 . 刻画这个时代（的前沿科技） 2018年小米AIoT开发者大会，雷军连麦自家小爱智能音箱： "三个木是什么字？" 小爱音箱的回答完美展示 了什么是领导喝水你刹车： "你是电，你是光，你是唯一的神话" 。 作为曾经比肩无人机的超级大风口，智能音箱在2017年大爆发，阿里的天猫精灵、小米的小爱智能音箱、 百度的raven H同时亮相，本就不算宽广的赛道骤然人满为患。 同年双十一，天猫精灵99元的抄底价让小米299元的骨折价黯然失色，3天卖出智能音箱第一个百万销量， 亏损几个亿抢下中国市场份额第一，与小米、百度自此三分天下。 然而，智能音箱这个品类却在短暂高歌猛进后光速坠落，出货量自2021年起一路下滑，到2024年，市场规 模较之高点已被抹去一半[1]。 小米虽然贵为中国智能音箱市场第一，但含金量其实约等于中考体育满分，主要原因是同行干不下去了。 对大部分定价99-299元的智能音箱来说，其音质足以让大部分音乐爱好者望而却步，智能体验也基本停留在 懂得都懂的水平。小米坚持在衰退的音箱赛道发光发热，原因在于被音箱撬动的IoT业务。 小米的IoT业务可以简单理 ...

Core Viewpoint - The article discusses OPPO's journey in the semiconductor industry, particularly its chip development initiative, Zheku, which was launched in 2020 but was ultimately terminated due to market challenges and the need for better cash flow management. The narrative emphasizes the importance of user experience and long-term competitiveness in the smartphone market, highlighting OPPO's strategic pivot back to core business after the setback [1][2][4]. Group 1: Zheku's Development and Termination - Zheku was established in 2020 as part of OPPO's self-developed chip initiative, named after the Mariana Trench, indicating the challenges ahead [1]. - Over two years, Zheku released several products, including the NPU "Mariana X" and Bluetooth audio SoC "Mariana Y," but the initiative was halted in mid-2023 due to declining smartphone sales and unsustainable R&D costs [1][2]. - The decision to terminate the chip development was seen as a necessary move for OPPO to maintain healthier cash flow and enhance its risk resilience [1]. Group 2: Market Recovery and Strategic Focus - Following the dissolution of Zheku, OPPO launched the Find X7 series, featuring a SoC co-developed with MediaTek, which led to a rapid recovery in market share, reclaiming the third position in the domestic market by Q1 2023 [2]. - OPPO's ability to quickly regroup and return to its main business path serves as a reference for other industry players struggling between innovation and survival [2]. Group 3: Long-term Strategy and User Experience - The smartphone market has seen a decline in shipment volumes since 2017, with longer replacement cycles leading to increased market concentration among major brands [4]. - OPPO's approach to chip development was driven by the need for long-term competitiveness rather than short-term gains, emphasizing that chip production is a means to enhance user experience rather than an end goal [4][6]. - The company focuses on system integration, where multiple technologies work together to meet user needs, rather than merely producing components [4][6]. Group 4: Innovation and Market Positioning - OPPO has adopted a systematic approach to innovation, continuously iterating on hardware to improve user experience, as seen in the Find X8 Ultra's camera system [6][9]. - The Find N5 foldable phone achieved a record low thickness of 8.93mm, showcasing OPPO's commitment to pushing technological boundaries and enhancing user experience [7][9]. - OPPO's market share in the premium segment (over $600) ranks among the top three globally, with significant presence in the $400-$500 range in Mexico, indicating strong brand positioning [9].

Core Viewpoint - The performance of a consumer-themed fund is significantly influenced by its Hong Kong stock positions, with the "new consumption trio" in Hong Kong becoming prominent names in the capital market despite mixed signals from domestic consumption data [3][4]. Group 1: Market Dynamics - The consumer sector is experiencing a bifurcation, with the central government introducing measures to boost consumption, yet statistical data shows no significant improvement [3]. - The market has seen remarkable performances from companies like Lao Pu Gold and Mixue Ice City, with the latter's stock price doubling shortly after its IPO [3]. - In contrast, Pop Mart, despite facing a significant market downturn, has recently regained its status as a market leader with a market cap exceeding 300 billion HKD [3][4]. Group 2: Investment Sentiment - The contrasting actions of companies, such as Kweichow Moutai's stock buyback and the significant sell-offs by its founders, illustrate that buybacks and sell-offs do not always correlate with market sentiment [4]. - The sentiment in the secondary market is heavily influenced by stock price movements, where only declines are viewed negatively, while increases are seen as positive regardless of corporate actions [4][5]. Group 3: Historical Context - Pop Mart's IPO in 2020 was marked by extreme enthusiasm, with a subscription rate exceeding 356 times and an opening price that doubled from its issue price [7]. - However, the stock's performance has been volatile, with significant declines following its initial surge, leading to a prolonged period of underperformance in the secondary market [8][10]. Group 4: Industry Challenges - The pandemic and subsequent restrictions have severely impacted Pop Mart's primary sales channels, leading to a drastic reduction in foot traffic [10]. - The proliferation of blind box products has diluted consumer interest, with competitors like Miniso and Luckin Coffee entering the market with lower-cost alternatives [10]. - Regulatory scrutiny has increased, with policies introduced to limit blind box pricing and lottery probabilities, further complicating the market landscape [10]. Group 5: Fund Management Strategies - Prominent fund managers have faced challenges in navigating the market, with some, like Zhang Kun, experiencing significant losses after heavily investing in Pop Mart during its downturn [11][12]. - Despite the adverse market conditions, some fund managers maintained their positions, only to exit as the stock began to recover, reflecting a cautious approach to volatile investments [14][16]. Group 6: Future Outlook - As of 2024, the number of funds heavily invested in Pop Mart has increased, with a notable shift in sentiment as managers who previously focused on Kweichow Moutai now pivot towards Pop Mart [18][24]. - The company's 2023 performance and optimistic 2024 guidance, projecting over 30% revenue growth, have rekindled investor interest, particularly in its overseas expansion efforts [22][24]. - The market's perception of Pop Mart's growth potential remains cautious, with some fund managers opting to reduce their holdings despite the company's recovery [23].

这款于2013年上线、2019年正式停产的手机，在九零后与零零后的接力追捧下风光过两轮，只不过以 前是贵过iPhoneX的顶配拍照手机，如今是百元CCD平替。 当代网友热衷于抢救电子垃圾，"拍一张少一张"的情怀营销把70元一盒的撕拉片炒出3000元高价，再往 前的CCD、随身听与翻盖手机，都在文艺复兴的浪潮下各自焕发第二春。 社交媒体的怀旧贴遍地，美图手机是其中的常客之一。 时代的眼泪背后是一家公司的沉浮，美图手机代表了美图辉煌的前半生，当年公司在手机硬件产业疯狂 烧钱的底气，来源于坐拥超4亿月活、11亿全球用户的流量自信。 可惜流量并未如愿兑换成销量，一年几十万台的销量放在行业里还是太小众。于是上市后的美图迅速开 启颠沛流离的下半生，连年咬牙亏损，在千辛万苦卖手机卖亏5个亿后，又想靠炒币躺赚一笔，结果不 仅竹篮打水一场空，还被打上"不靠谱"的标签，市值只剩上市时的零头。 但在淡出大众视野后，原本差点倒在旧时代的美图，却在名为AI的新时代里开始闷声赚钱，并且是以致 敬前辈Adobe的形式——付费订阅。 去年，美图净利润迎来5.86亿的历史高峰，财报将其归功于AI融入影像与设计产品业务，后者以高毛利 的付费订阅 ...

2019年，雅戈尔董事长李如成，在办公室里摆了三块展板。 展板上，列出了奢侈品三大巨头历峰、开云和LVMH的业务版图，并附上了营收和利润数据。在《天下网商》记者的叙述中[1]，他 喜欢坐在对面的沙发上， "抬头一看，全是见贤思齐的决心"。 能让LVMH成为雅戈尔的榜样，并不容易。此时的雅戈尔早已不是一家纯粹的服装企业，在2007年，李如成就将 "服装、地产、投资"定为雅戈尔三驾马车 ——显然，后两 驾马车远远比服装赚钱。 李如成知青出身，1990年创立雅戈尔，92年便做起投资。他是中国最早涉足地产和中国最有投资天赋的服装老板。从1999到2020年，雅戈尔在投资上赚钱 超过400亿，占企业总利润的7成以上[2]。 当年的裁缝学徒变身地产大佬，成为服装界的"股王巴菲特"，连带着雅戈尔被称为中国的"伯克希尔·哈撒韦"——这家企业早已不再是简单的实业公司，李 如成曾公开回击外界对其"不务正业"的点评[3]： "赚钱就是我的主业。" 跟在雅戈尔后面的，是一众转型的服装企业们——红豆、杉杉、七匹狼、九牧王、贵人鸟......它们都对传统的服装产业意兴阑珊，调转船头离开"贫瘠"的根 据地，驶向一片片看似铺满蜜糖和膏腴的新 ...

远川投资评论 . 看更好的资管内容 以下文章来源于远川投资评论 ，作者吴文涛 当国内金融圈正在流行从"金饭碗"到"铁饭碗"的上岸路线时，美国的议员们已经展现出了睥睨华尔街的投资实力。 被誉为国会山股神的美国前众议长佩洛西，2024年又秀出一波70.9%收益率的投资操作。别看她相对"国运指数"纳斯达克还有40%的超额，但放在一众国会 议员里也不过排在第十位。共和党众议员大卫·劳泽凭借着英伟达的持仓，以149%的年度收益率一举夺魁。 相比之下，晨星评选出的美国2024年前十佳基金，第一名的收益率不过56.13%，在国会山的世界里，甚至拿不到自己的号码牌。 | 晨星榜单中 收益前十的基金 | 投资收益 | 国会中 收益前十的议员 | 投资收益 | | --- | --- | --- | --- | | Alger Focus Equity Z US | 56.13 | David Rouzer | 149.00 | | Alger American Asset | 52 19 | Debbie Schultz | 142.30 | | | | 有 科技股 的民主党议员 平均收益率 为31%，整体更倾向于持有金融和大 ...

以下文章来源于远川投资评论 ，作者沈晖 远川投资评论 . 看更好的资管内容 在4月1日安徽铜陵"小米SU7高速碰撞爆燃"事故被官媒披露的前一天，小米宣布完成 425亿 港元的配 售，这是港股历史上第三大的闪电配售项目。 前两位是，2021年4月的美团（ 542亿 ）和2025年3月的比亚迪（ 435亿 ）。颇为共性的是，三者发生 在各自市值快速突破万亿后的高光时刻。而2021年1季度与2025年1季度，也是基金经理南下香江的两 个鼎沸时点。 去年9月之前，港股连续4年下跌，跌得连私募大佬葛卫东也受不了，" 太他妈的难了！就算巴菲特，索 罗斯来了一样被埋！ "同期港股融资腰斩，2023年港股IPO募资仅463亿，较2021年缩水86%，创下20 年来最低，港股沦为全球第六大IPO市场。 反观今年，港股重见凌厉升势。 港交所 IPO 融资额 653.25亿 ，同比增长 691.33% ， 配售 总 额 1242.68亿 ，同比增长 853.47% 。 蜜雪冰城、泡泡玛特、老铺黄金组成"港股三姐妹"，刮起新消费风 暴；小米、比亚迪、蔚来组成"港股三兄弟"，掀起再融资狂潮。 520当天，曾毓群在港交所敲响二次上市的铜 ...

以下文章来源于远川科技评论 ，作者何律衡 远川科技评论 . 不罗嗦了，直接进入主题： 为了这颗芯片，苹果请来了传奇芯片架构师Jim Keller、IBM顶级工程师Johny Srouji，以及通过收购PA Semi吸 纳的"大D哥"Daniel Dobberpuhl（领导了Alpha和StronARM项目）等一众硅谷芯片设计顶级人才。 刻画这个时代（的前沿科技） 问题一：玄戒O1是不是国产芯片？ 这个问题可以换成另一个问题： 苹果 大名鼎鼎的A系列 SoC ， 算不算 " 美国芯片 " ？ 作为当下同行对标与学习的对象，苹果A系列的开山之作A4芯片，在十五年前的初次登场其实算不上体面。 超过1个小时的发布会上，A4芯片在PPT上的停留时间加起来不到20秒。产业界对A4普遍持"套壳三星"的嘲讽 态度，但这已经是苹果最大限度资源投入的结果。 随后，苹果又收购了一家做主频加速的芯片设计公司Intrinsity，这也是A4被认为和三星S5PC110"同父异母"的 原因——三星采用了Intrinsity的技术开发了S5PC110芯片，搭载后者的三星Galaxy S大卖特卖，是iPhone的头号 竞争者。 而投入重金招兵 ...

Core Viewpoint - The article discusses the value of battery swapping models in the electric vehicle industry, highlighting both explicit and implicit benefits, and emphasizes the importance of standardization for widespread adoption, particularly in the heavy-duty truck sector [1][4][9]. Group 1: Explicit and Implicit Value of Battery Swapping - The explicit value of battery swapping includes faster battery replacement (5 minutes), reduced purchase barriers, and alleviation of concerns regarding battery lifespan [1][4]. - Implicit benefits include lower land usage, higher power capacity utilization, reduced impact on the power grid, and enhanced social externalities [1][4]. - The battery swapping model has been recognized in government reports and has attracted investments from companies seeking optimal solutions, such as CATL [1][4]. Group 2: Heavy-Duty Truck Market Dynamics - Battery swapping is essential for heavy-duty trucks due to their operational characteristics, allowing for a 30%-50% reduction in initial purchase costs compared to traditional fuel trucks [4][5]. - The efficiency of battery swapping allows heavy-duty trucks to achieve full charge in 5 minutes, comparable to LNG refueling, while traditional charging methods take significantly longer [4][5]. - The unified management of batteries in a swapping model can extend battery life and reduce maintenance costs, enhancing the overall lifecycle value of the batteries [5][6]. Group 3: Standardization and Network Effects - The article emphasizes that battery standardization is crucial for expanding battery swapping from closed to open scenarios, enabling interoperability across different brands and regions [9][12]. - The current market for battery swapping in heavy-duty trucks is limited, with only about 15% of trucks utilizing this model in long-haul logistics, primarily due to fragmented standards [12][31]. - Achieving a unified battery standard is essential for creating a nationwide efficient energy network, which would facilitate the widespread adoption of battery swapping [12][32]. Group 4: CATL's Role and Future Prospects - CATL has been proactive in developing solutions for the heavy-duty truck market, launching standardized battery packs and comprehensive battery swapping solutions [17][19]. - The company aims to establish a network of 300 battery swapping stations in key regions by 2025, with a long-term goal of creating a national battery swapping network covering major logistics routes [26][31]. - The successful implementation of battery swapping could lead to significant cost savings for operators and contribute to the broader goal of carbon neutrality in the transportation sector [20][32].