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]

导语：企业的管理方式也随之发生改变。 人工智能（AI）已经无处不在，各大企业的首席执行官（CEO）对此乐在其中。 从黄仁勋（Jensen Huang）到蒂姆·库克（Tim Cook），以下是五位CEO如何将AI融入他们日常生活的故事。 微软CEO萨提亚·纳德拉 微软在AI领域投入巨资：2023年推出了Copilot助手，2024年与OpenAI达成了价值130亿美元的合作协议，并组建了专门研发AI的团队。 自2014年接掌微软以来，纳德拉一直强调AI将如何改变工作流程和人类的认知劳动。彭博社（Bloomberg）报道称，对纳德拉来说，AI已经成为他 生活中不可或缺的一部分，无论在办公室还是在日常生活中。 在5月的一次采访中，纳德拉透露自己喜欢播客，但并不直接听。他会将播客的文字稿上传到手机上的Copilot应用，然后在通勤途中用语音助手讨论 播客内容。 到达微软位于华盛顿州的总部后，他会使用Copilot总结Outlook和Teams中的信息。他还利用Copilot Studio中至少10个定制化代理，辅助准备会议和 研究资料。 "我是个写邮件的老手。"纳德拉笑称。 这项技术正在持续影响全球市场中的多个领域， ...

Core Viewpoint - The integration of intangible cultural heritage (ICH) with technology is becoming a new growth driver for high-end home appliances [1][6]. Group 1: Cultural Integration - Young consumers are increasingly drawn to traditional products, such as Shu embroidery and Zisha teapots, which are gaining popularity on e-commerce platforms [2][3]. - The next step for brands is to transform ICH into a lifestyle that encompasses aesthetics and wisdom, integrating it into home decor [4][5]. - The home appliance industry is unexpectedly leading this cultural integration [6]. Group 2: Brand Evolution - Casarte, a high-end home appliance brand, has evolved from being "the creator of home art" to "the contemporary guardian of cultural heritage," aiming to incorporate the beauty of ICH into modern living through the "Casarte AI Appreciation Series" [7][15]. - The brand's commitment to ICH reflects a response to consumers' pursuit of quality, culture, and spiritual identity [15][24]. Group 3: Market Trends - A survey by Hurun in 2025 indicated a decline in traditional luxury goods, with consumers focusing more on spiritual satisfaction and happiness [11]. - This shift has led to a surge in experiential high-end services and a growing interest in cultural symbols over material satisfaction [12]. Group 4: Technological Integration - Casarte's approach combines ICH with advanced technology, aiming to enhance user experience and meet the evolving preferences of high-net-worth individuals [10][30]. - The "AI Eye" technology allows home appliances to perceive and respond to user needs, transforming them from mere tools into intelligent companions [28][30]. Group 5: Product Innovations - Casarte has integrated ICH into its product offerings, such as collaborating with Nanjing Yunjin Museum for a heritage preservation art exhibition and launching the "Casarte Heritage Protection Journey" [17]. - The brand's products, like the AI washing machine and kitchen appliances, utilize ICH principles to enhance functionality and user experience, ensuring the preservation of traditional craftsmanship [20][22][29]. Group 6: Brand Performance - Casarte's strategy has yielded tangible results, with its brand value increasing from 82.1 billion to 92.816 billion, making it the most valuable brand in the high-end sector [24].

以下文章来源于凤凰网科技 ，作者凤凰网科技 凤凰网科技 . 凤凰科技频道官方账号，带你直击真相。 作 者 | 周遐观 来源 | 凤凰网科技 导语 ： 此次召回，无论在国内还是国外，都将严重拖累其业绩；再加上为挽回声誉而投入的 营销费用，安克创新利润下滑，甚至出现季度或年度亏损，也未可知。 6月以来，一场由电芯供应商引发的行业危机，正让整个充电宝市场经历 了 "大地震"。罗马仕、安 克创新等头部品牌 ， 先后宣布召回总计超200万件充电宝，背后矛头直指核心供应商安普瑞斯—— 其 相关公司有 70余张3C认证及 I SO三体系认证被全面暂停 。 这一事件 暴露 的 不仅 是 单个企业的质量漏洞，更是整个行业长期在快充效率与体积内卷中对安全 底线的集体失守。当"高倍率充电""超薄机身"的卖点突然变成"易燃易爆"的隐患，这场席卷安克、 罗马仕、绿联等头部品牌的召回风暴，究竟如何演变成全行业的信任危机？ 最近几天，一场无声的"大清洗"运动，悄然席卷了整个充电宝行业。 起因是在6月13日，有北京高校学生发帖称，接到学校提醒，"罗马仕牌20000 毫安的充电宝在充电 时，相较其他品牌更容易发生爆炸现象，建议师生舍弃。" 紧 ...

Core Viewpoint - The article discusses the generational transition in Chinese entrepreneurship, highlighting the contrasting paths of Wang Sicong and He Youjun, both of whom are second-generation entrepreneurs aiming to establish their own identities separate from their family legacies [3][19]. Group 1: Wang Sicong's Business Journey - Wang Sicong has recently transferred his shares in Beijing Huanju Commercial Management Co., which he founded, to He Youjun, marking a significant shift in his entrepreneurial journey [2][13]. - Huanju Commercial, established in July 2023 with a registered capital of 10 million yuan, focuses on immersive experiences and has an asset management scale exceeding 6 billion yuan, with over 70 projects [7][8]. - Wang Sicong's previous ventures included significant investments in the esports industry, notably through Panda TV, which faced financial difficulties leading to its closure in 2019 [16][20]. Group 2: He Youjun's Rise - He Youjun, born in 1995, has made a name for himself in the esports sector, founding V5 Esports Club and later merging it with eStar to create Xingjing Weiwu, which became a major player in the industry [19]. - In 2023, Xingjing Weiwu's revenue reached 83.7 million USD, a 27% increase from 2022, showcasing its growth and market presence [19]. - He Youjun's company successfully went public on NASDAQ in July 2024, making him the youngest founder of a NASDAQ-listed company in Asia, with a 14.2% ownership stake [19]. Group 3: Industry Context - The article emphasizes the shift in the Chinese private enterprise landscape, where the new generation of entrepreneurs is moving away from traditional family business models to create their own paths [3][4]. - The esports industry has seen significant growth and professionalization, partly due to the efforts of figures like Wang Sicong and He Youjun, who have contributed to its development and mainstream acceptance [18][19].

导语 ：Tether的稳定币已经成为新兴市场中进行国际支付的热门工具。研究人员还表示，它们 也被用于逃避制裁等非法活动。 美国国会即将通过一项将稳定币纳入金融主流的立法，这项法律引发了来自初创公司、银行，甚至 沃尔玛等之前对加密货币保持谨慎态度的零售商的广泛关注。 但这项名为"天才法案"的立法对Tether——稳定币领域的龙头企业提出了严厉警告：要么改进，要 么被迫退出美国市场。 参议院的立法为公司提供了三年的宽限期，以符合新要求。而在众议院的配套法案中，发行者只有 18个月的合规期。在两项法案通过对接之前，特朗普总统（支持"天才法案"）才可能签署其成为法 律。 这项立法上周刚刚通过了参议院，旨在加强对稳定币的监管。稳定币是与法定货币挂钩的数字代 币，通常与1美元等值。它们作为传统货币与加密世界之间的桥梁，使得人们可以使用比特币背后 的技术进行支付或跨境汇款，但没有比特币那样的剧烈波动性。 "天才法案"要求稳定币发行者必须通过现金、短期国债等安全资产来支撑其代币的价值。对于较大 的发行商，还将要求他们发布年度审计的财务报表。这对Tether来说无疑是坏消息，因为Tether在稳 定币市场占据了大约三分之二的份 ...