以下文章来源于茅城湖札记 ，作者茅城湖书院 导语： 从演唱会场馆外躁动拥挤的黄牛党，到如今深藏在网络背后、利用科技手段批量收割稀缺资源的"机刷黄牛"，黄牛产业早已完成了它的 智能化与组织化升级。 见惯了话费充值、刮刮卡回收、直播变现和游戏道具交易的老铁们，在人均产值百万流水的面前， 体育馆门前蹲守的黄牛简直不值一提。 然而，三十年河东三十年河西，疫情后国内演出市场爆炸式增长，原来盯着12306的那帮牛人，瞬间 觉得火车票不香了，通过技术扶贫一窝蜂涌入在线票务平台，今天，我们将重点剖析这批崇尚技术 的"科技 黄牛 "。 在一个本该浪漫满溢的夜晚，三十五岁的单身青年小王独自坐在飘窗前，笔记本电脑屏幕的光映照 着他已不再青春的脸颊，他正在一遍遍刷新着购票网站，憧憬着女神小美拿到演唱会门票后的嫣然 一笑。 "还有最后10张"，系统提示提醒他尚有一线希望。然而当他点下"购买"，"已售罄"的刺眼字样似乎 在提示：穷X丝别来凑热闹了。 茅城湖札记 . 茅城湖承泗水渊源，教诸生安夏攘夷，共晓春秋大义；秀泥寨接尼山风月，愿我辈熔经铸史，重开今古宏谟。 作者 | 茅城湖书院 来源 | 茅城湖札记 与此同时，一个微信地下交易群里， ...

Core Viewpoint - The article discusses the challenges faced by Roborock Technology, highlighting the founder's shift in focus towards his new venture, Extreme Stone Automotive, leading to investor dissatisfaction and concerns about the company's future. Company Overview - Roborock Technology was founded in July 2014 by Chang Jing in Beijing and was initially part of Xiaomi's ecosystem. The company went public on the Shanghai Stock Exchange in February 2020, with a current market value of 40.4 billion RMB [2][9]. - The company has experienced significant stock price volatility, with a 34% drop since October 8, 2024, and nearly a 60% decline from its peak in 2021 [2][5]. Financial Performance - Roborock's revenue from 2022 to 2024 exceeded 27.1 billion RMB, with net profits surpassing 5.2 billion RMB. However, the market for smart vacuum cleaners has peaked, leading to a 43.4% year-on-year decline in net profit in Q3 2024 [7][26]. - The company's revenue for 2022, 2023, and 2024 was 6.61 billion RMB, 8.64 billion RMB, and 11.92 billion RMB, respectively, while net profits were 1.18 billion RMB, 2.05 billion RMB, and 1.98 billion RMB [27][31]. Market Position - Roborock claims to be the global leader in smart vacuum cleaners, with a market share of 23.4% by GMV and 16.7% by sales volume in 2024 [20][22]. - The company has launched a total of 22 models in the domestic market and 52 models overseas, achieving sales of approximately 3.45 million units by the end of 2024 [24][40]. Management and Investor Relations - Chang Jing, the founder and CEO, has faced criticism for frequent stock sales and a perceived lack of commitment to Roborock, as he diverts attention to Extreme Stone Automotive [5][6]. - Investors have expressed dissatisfaction with Chang's actions, particularly his advice for them to be patient while he liquidates his holdings [6][8]. Research and Development - As of December 31, 2024, Roborock had a research and development team of 1,043 members, accounting for over 40% of its total workforce, and held 2,235 authorized patents [36][38]. Sales and Marketing - The company's sales expenses have significantly outpaced R&D expenses, with sales costs increasing by 73.23% year-on-year in 2024, constituting 24.9% of total revenue [30][31]. - Roborock's customer base includes distributors and end consumers, with the top five customers contributing 36.2% of total revenue in 2024 [41][43].

Core Viewpoint - The article discusses the rise and influence of the "Putian system" in the medical aesthetics industry, highlighting the complex relationships and business strategies employed by four prominent families within this sector [1][2][3]. Group 1: Overview of the Putian System in Medical Aesthetics - The Putian system has significant involvement in various branches of private healthcare, particularly in the lucrative medical aesthetics sector [1]. - The push for popularizing conventional aesthetic procedures like breast augmentation, liposuction, and facial surgeries was initially driven by the "Putian system" [2]. - Four major families dominate the Putian medical aesthetics landscape: the Chen Jinxi family of Meilai, the Chen Guoxing and Chen Guoxiong brothers of Yixing, the Zhan Zongyang family of Weilin, and the Huang Defeng family, formerly of Meilian [3][4]. Group 2: Historical Context and Development - The origins of these families can be traced back to Chen Deliang, the "founding father" of the Putian medical system, who established a significant medical faction through low-cost treatments [5][6]. - The early expansion model involved setting up clinics near transportation hubs and using street advertising to attract patients, leading to a "point-based expansion + advertising" strategy [7]. - The Putian system officially entered the medical aesthetics industry in the first decade of the 21st century, motivated by the potential for high profits [8]. Group 3: Business Strategies and Operations - The Putian system merchants adapted and expanded their medical model, focusing on aggressive marketing, self-branded products, and deep ties with industry associations [9]. - The four families have seen significant growth, although many have begun to withdraw from the increasingly regulated medical aesthetics market [10]. Group 4: Case Studies of Major Families - **Meilai (Chen Jinxi Family)**: Meilai has grown to encompass 108 member enterprises and employs over 12,600 people, offering a wide range of aesthetic services [17]. The family has faced controversies regarding its advertising practices and has been involved in numerous administrative penalties [25][24]. - **Yixing (Chen Guoxing Family)**: This family has established a significant presence in the medical aesthetics sector, with Yixing being ranked second among private medical aesthetics chains in China as of 2017 [45]. However, they faced challenges in their IPO attempts due to concerns over compliance and sustainability [48][49]. - **Weilin (Zhan Zongyang Family)**: Weilin has positioned itself as an international brand and has been involved in the medical aesthetics installment loan market, which has raised regulatory concerns [75][86]. - **Meilian (Huang Defeng Family)**: This family has divested from Meilian and has seen a decline in its operations, with the company facing multiple medical disputes and administrative challenges [93][102]. Group 5: Industry Trends and Future Outlook - The medical aesthetics market is entering a phase of slower growth and increased regulation, which may limit the previously unchecked expansion of the Putian system [106]. - The article suggests that the era of the "four families" is coming to an end as they face increasing scrutiny and operational challenges, marking a significant shift in the industry landscape [107][108].

数说的述说 . 以下文章来源于数说的述说 ，作者数说的述说 市场环境放在这里，还有哪家行会觉得自己在零售领域比招行的积累更深？团队更强？ 面对 这样市场环境，需要的是从高管到业务团队重新审视零售业务，共同商定更合理的预期和更 坚定的战略定力。不能再放卫星一样的盲目提增长指标，不然现在吃进去的增长，是未来的 不良深坑。 零售失速 的 招行 招行 "现金牛"的光环正在暗淡， 翻开 招商银行 2024 年年报，零售金融业务税前利润 879.9 亿元，同比下降 9.56% 。这一跌幅直接导致零售利润占比下滑至 50.74% ，逼近"半 壁江山"失守的临界点。 中小银行数字化转型和TO B路上的求索者 作 者 | 数说的述说 来源 | 数说的述说 导 语： 曾经占据六成利润的"现金牛"，如今正在成为拖累整体业绩的包袱。2024年零售金融 业务税前利润879.9亿元，同比下降9.56%。 零 售 业务 不是不做，而是游戏规则变了 。 "净息差要回到 2% 以上困难比较大"，行长王良一句话道出银行业寒冬。6 月 25 日，深圳 招商银行总行大厦， 119 位股东代表齐聚一堂。行长王良面对投资者侃侃而谈，从净息差保 卫战到" ...

导 语：拉德文斯基将网络色情从依赖广告的成人电影网站，转变为一种社交媒体式的平台，贩 卖一种既诱人又利润丰厚的"陪伴幻觉"。 里奥·拉德文斯基（Leo Radvinsky）有一个极为简陋的个人网站，上面写着他是"企业构建者、天使 投资人和直升机飞行爱好者"。他的基金会官网则重点展示了他对开源软件的支持，以及对诸如纪 念斯隆-凯特琳癌症中心（Memorial Sloan Kettering Cancer Center）等慈善项目的捐赠承诺。 然而，被刻意掩盖的是，拉德文斯基巨额财富的真正来源：他打造的色情订阅平台OnlyFans。这一 平台已经成为线上性产业的霸主。 作为西北大学（Northwestern University）经济学毕业生，拉德文斯基将网络色情从依赖广告的成人 电影网站，转变为一种社交媒体式的平台，贩卖一种既诱人又利润丰厚的"陪伴幻觉"。OnlyFans现 已拥有超过3亿用户，许多人为访问创作者主页、点播视频及个性化互动支付费用。 这些创作者包括性工作者，也有兼职素人、流行歌星和其他性感名人，很多人会向付费订阅者提供 露骨内容。 "OnlyFans彻底改变了这个行业，它让普通人也有机会成为表演 ...

作者 | 王鑫 来源 | 深蓝财经 导语： 摆在荣耀面前的考题，要比想象中更棘手。 中国证监会官网显示，6月26日，荣耀正式启动上市辅导，中信证券担任辅导机构。 以下文章来源于深蓝财经 ，作者深蓝财经 深蓝财经 . 影响价值圈层！创立于2011年，关注中国最具价值公司，是新中产的财富顾问。 这意味着，从华为剥离仅5年的手机品牌，终于要奔赴A股考场了。 但摆在荣耀面前的考题，要比想象中更棘手。 从单飞到冲刺IPO 2013年，荣耀作为华为的 "亲儿子" 出生， 那时候它主打性价比， 旨在对抗小米。 靠着华为的技术家底和供应链撑腰，荣耀2015年半年就卖出2000万部手机，妥妥的 "学霸 级" 开局。 荣耀的产品线， 也逐渐涵盖手机、平板、笔记本、穿戴设备、路由器、智能家居等全系列产 品。 2020年是道分水岭。 美国制裁卡断华为芯片， 荣耀被打包卖给由深圳国资委牵头的 深圳市智信新信息技术有限公 司 ，一夜之间从 "豪门养子" 变成 "独立创业青年"。 虽然后续还和华为搞点技术合作，但明眼人都知道： 荣耀得自己扛大旗了。 独立后的荣耀，野心不小。 2022年靠Magic V 折叠屏手机冲高端，2025年用骁龙8 ...

Core Viewpoint - Alibaba has officially transitioned from the "founder club" model to a new phase focused on operational expertise and AI as a driving force, following the reduction of its partner list from 26 to 17, marking the lowest since its IPO [23][4]. Group 1: Changes in Partnership Structure - The number of Alibaba partners has decreased from 26 to 17, the lowest in history, with nine senior partners, including notable figures like Peng Lei and Zhang Yong, stepping down [7][8]. - The exiting partners share a common trait of no longer holding frontline leadership roles, indicating a shift in the company's leadership dynamics [9][4]. - The trend of reducing the number of partners has been ongoing, with a peak of 38 partners in the past, now reduced by 21 [16][15]. Group 2: New Leadership Dynamics - The current partner group is younger and more focused on frontline business operations, with 39-year-old Jiang Fan being the youngest partner and CEO of the e-commerce division [17][18]. - The current leadership includes key figures like Cai Chongxin and Wu Yongming, with a notable increase in technical expertise among partners [24][25]. - The shift in the partner composition reflects Alibaba's strategic focus on AI, with nearly a quarter of the partners coming from the cloud intelligence group [25]. Group 3: Impact of Major Shareholders - SoftBank, a major shareholder, has been reducing its stake in Alibaba due to investment losses, which has led to a significant change in the partner structure and the underlying support for the partnership system [20][21]. - The exit of SoftBank from its major shareholder position indicates that the foundational conditions for Alibaba's partnership system may no longer be met in the future [22]. Group 4: Future Outlook - Jiang Fan's return to the partner list and his leadership role in the e-commerce sector positions him as a key figure in Alibaba's future, with expectations for him to lead the company back to its peak performance [36][34].

Core Viewpoint - The article discusses the impact of geopolitical tensions on the stock market and presents trading recommendations based on AI analysis, highlighting the performance of these recommendations against human analyst suggestions [1][3][6]. Group 1: AI Trading Recommendations - Buy Lockheed Martin (LMT) due to expected increases in defense spending amid rising military tensions [4]. - Buy Exxon Mobil (XOM) or XLE oil and gas ETF as oil prices are likely to rise due to concerns over Middle Eastern supply disruptions [4]. - Buy gold, specifically through GLD ETF, as investors typically seek gold as a safe-haven asset during geopolitical crises [4]. - Short Delta Air Lines (DAL) as the airline is sensitive to fuel costs and traveler sentiment, which may be negatively impacted by rising oil prices and consumer anxiety [4]. - Short the S&P 500 index via SPY ETF or futures to profit from potential risk-averse reactions and overall market declines [4]. Group 2: Human Analyst Recommendations - The human analyst Dan Ives recommended a group of stocks referred to as TAMPON, which includes Tesla, Amazon, Microsoft, Palantir, Oracle, and Nvidia [5]. - Performance results showed that all AI recommendations underperformed, while the TAMPON stocks generally performed well, with notable increases in Tesla, Amazon, Microsoft, Palantir, Oracle, and Nvidia [6][7][8]. Group 3: Performance Analysis - Lockheed Martin fell over 2%, Exxon Mobil dropped over 3%, and XLE ETF also decreased more than 3%, indicating incorrect predictions by the AI [6][7]. - GLD ETF declined approximately 1%, while Delta Air Lines saw an increase of nearly 3%, further highlighting the inaccuracies in the AI's recommendations [7]. - In contrast, the TAMPON stocks experienced gains, with Nvidia rising nearly 8% and other stocks in the group also showing positive performance [7][8].

导语 ：飞机并未偏离航线，这意味着，可能导致两个发动机几乎同时失效的问题，是在同一时间发生的，这在航空事故中极为罕见。 要得出对印度三十年来最严重空难的最终结论，可能还需要几个月时间。然而，NYT通过对6月12日事故的照片和视频进行分析，并与航空安全专家 （包括前飞行员、事故调查人员以及音频取证专家）共同评估后，揭示了这场灾难中的关键细节。 分析显示，飞机在起飞前可能已正常放下机翼上的襟翼与缝翼，使用了充足的跑道距离，并在一个相对常规的起飞点起飞，初始爬升过程也较为正 常。 但就在起飞后几秒钟内，起落架收回过程似乎出现了故障，紧急动力系统也可能被启用。专家表示，这些迹象表明飞机在空中可能遭遇了液压、电 力或引擎动力的灾难性丧失。 起飞看似正常 印度航空171号航班从艾哈迈达巴德机场（Ahmedabad Airport）起飞的过程一直受到密切审查，观察是否在起飞前就已有故障征兆。然而，多位接 受NYT采访的专家认为，该航班的起飞初始阶段看起来相当正常，没有表现出引擎推力不足等异常现象。 NYT通过监控视频和飞行数据的分析显示，飞机离开跑道的位置与此前七次从同一跑道起飞的位置一致。记者们推算出监控摄像头的大致位置 ...

Group 1: AI and Technology - The satellite internet and quantum technology sectors are showing positive performance, with companies in telecommunications, optical communications, and satellite internet expected to experience a new growth phase [1] - The demand for AI continues to grow, particularly as large enterprises like Oracle and Meta increase capital expenditures, indicating strong growth potential for optical modules as foundational components of computing clusters [1] - DeepSeek's next-generation R2 AI model development is facing challenges due to a shortage of Nvidia H20 processors in the Chinese market, impacting the training process of the model [3][2] - The reliance of top Chinese AI companies on American hardware is highlighted by the export restrictions, which poses a significant vulnerability despite DeepSeek's claims of lower resource investment compared to American firms like OpenAI [2] Group 2: Precious and Industrial Metals - The demand for gold remains strong due to U.S. fiscal issues and a weakening dollar credit system, with expectations for gold prices to continue rising [1] - The supply-demand gap for gold is expected to persist throughout the year, with a gradual improvement in fundamentals and a potential downward convergence of the gold-silver ratio, suggesting silver may enter a phase of catch-up [1] - The demand for energy metals is supported by the robust outlook for the electric vehicle and photovoltaic industries, although the supply side remains in an oversupply situation, keeping prices at the bottom range [1] - Economic growth significantly impacts the prices of non-ferrous metals, with manufacturing PMI new orders closely correlating with metal prices, while discrepancies in U.S. manufacturing orders and inventory data indicate potential price uncertainties [3] - Changes in overseas inventory are negatively correlated with metal prices, particularly for tin, copper, lead, and aluminum, suggesting significant impacts from inventory fluctuations [3]