BI整理了一份可能成为特朗普新任科技得力助手的候选人名单，他们要么与特朗普有过生意往来，要么在特朗普的"复出之旅"中有所接触，或是与 特朗普亲近过。 马克·扎克伯格，Meta创始人兼首席执行官 扎克伯格今年早些时候曾是特朗普的"超级支持者"。他的公司Meta曾为特朗普的就职典礼捐赠了100万美元，而扎克本人甚至在那天晚上联合主办了 一场黑领结晚会，以此来庆祝这位连任的总统。 不过，随着Meta正面临联邦反垄断诉讼，扎克伯格可能已经不再是特朗普的"朋友"了。但扎克伯格可能在玩长远的棋局：他购买了一栋价值2300万 美元、面积达到15,000平方英尺的华盛顿特区豪宅，进一步加强了自己在首都的影响力。 此外，扎克也在进行品牌重塑，从一个穿着连帽衫的创始人变成了一个戴着金链、充满自信的CEO。这一转型的一部分是参与了播客节目，比如与 特朗普支持者乔·罗根（Joe Rogan）的访谈中，扎克谈到了自己的"男性气概"和打弓箭的兴趣。 导 语 ： 特朗普非常看好AI的军备竞赛，奥特曼也准备好迎接这一浪潮。 我们或许刚刚见证了今年最混乱、最公开的分手：埃隆·马斯克（Elon Musk）和唐纳德·特朗普（Donald Trum ...

Group 1: 5G and 6G Technology Transition - By 2025, the Chinese network connection device market is expected to reach 120 billion RMB, with an annual growth rate of 15%, and to exceed 210 billion RMB by 2030, with a CAGR of 11.8% [1] - Domestic companies like Huawei and Unisoc have made breakthroughs in 5G baseband and Wi-Fi 6/7 chips, but still rely on imported advanced processes below 7nm [1] - The global market share for domestic companies is projected to reach 30%, with significant advantages in 5G base stations and all-optical networks [1] Group 2: Motorcycle Industry Analysis - The motorcycle industry, while less focused on than automobiles and commercial aircraft, has a market size second only to these sectors, with China holding a significant position [2] - China is the largest motorcycle producer globally, with over 5 million units sold domestically and over 10 million exported annually, accounting for more than 30% of the global market [2] - Domestic motorcycle brands have improved their technology and product quality, particularly in the large-displacement motorcycle market, gradually surpassing joint venture brands [4] Group 3: Windsurf Acquisition and AI Coding Market - Windsurf, initially a GPU virtualization startup, transformed into an AI programming platform in 2022, attracting many developers [3] - OpenAI's planned acquisition of Windsurf for $3 billion in April 2023 faced challenges due to restrictions on access to the Claude model, impacting user experience [3] - The AI programming market is becoming increasingly competitive, with platforms like GitHub Copilot and Cursor still supporting the Claude model, but facing potential limitations due to tensions between OpenAI and Anthropic [3] Group 4: Huawei WATCH 5 Launch - Huawei's upcoming WATCH 5 is set to be the world's first 5G-enabled smartwatch, featuring a new Kirin chip and 5G eSIM communication module for high-speed connectivity [4][5] - The device supports dual-engine computing, offering powerful performance in "full mode" and extended battery life in "power-saving mode" [4] - The WATCH 5 also incorporates advanced features like Star Flash technology for improved connectivity and a smart assistant for precise health monitoring [6][7] Group 5: TSMC 2nm Process Yield - TSMC's 2nm process yield improved from 60% to 90% since risk production began in July 2023, leveraging experience from 3nm production [8] - By the end of 2025, TSMC is expected to produce 50,000 to 80,000 2nm wafers monthly, with demand significantly outpacing that for 5nm [8] - The N2 process offers a 10-15% performance increase at the same power level or a 25-30% power reduction at the same performance level, with a 1.7x increase in transistor density [8]

Core Viewpoint - The article discusses the recent business development (BD) announcements by the company, highlighting the potential for significant financial transactions that could enhance its short-term performance despite recent disappointing earnings reports [2][6][12]. Group 1: Business Development Announcements - The company announced three potential BD transactions, each valued at approximately $5 billion, totaling a potential of $15 billion [2][6]. - One of the transactions is in the late stages and is expected to be completed in June [2][6]. - The market reacted positively to the BD news, with the company's stock price rising significantly, bringing its market capitalization close to 100 billion [3][5]. Group 2: Financial Performance and Challenges - The company reported a revenue decline of 7.8% year-on-year for 2024, with a projected revenue of 29 billion [8]. - Net profit for 2024 is expected to drop by 25.4% to 4.682 billion [8]. - In Q1 2025, revenue fell by 21.9% to 7 billion, missing expectations [8]. Group 3: Market Concerns and Future Outlook - The company faces significant pressure due to declining sales of its key product, Enbipu, which is experiencing challenges from price negotiations and patent expirations [8][9]. - There are concerns about the company's ability to replace its flagship products and maintain growth amid increasing competition from generics [9][20]. - The article notes that while BD announcements can drive stock prices up, the actual realization of milestone payments is uncertain, with historical data showing a low success rate [15][21]. Group 4: Strategic Moves and Market Position - The company is increasing its focus on BD to demonstrate its innovation capabilities and support its transformation efforts [12][18]. - It has engaged in significant capital operations, including a large share buyback plan, to manage its market value [19]. - The company is optimistic about future product pipelines, particularly in the area of innovative drugs, but faces intense competition from established players [20][21].

作者 | 郑嘉意 来源 | 信风TradeWind 导 语： 百年人寿曾披露2015-2020年间的27笔重大关联交易，涉及金额超250亿元，至 今84亿元以上的风险敞口未能结清。 一些地产资本入局金融行业后的后遗症，逐渐浮出水面。 大连国资入主半年后，百年人寿公开了一份长达29页的旧账，在官网与保险行业协会同 步披露2015-2020年间的27笔重大关联交易。 笔者统计发现，上述交易涉及金额超250亿元，至今84亿元以上的风险敞口未能结清。 不久之后，上述文件已从百年人寿官网撤下。 以下文章来源于信风TradeWind ，作者郑嘉意 信风TradeWind . 关注资本市场的趋势与发展 时间线上，27笔交易主要集中在2015-2020年间，涉及2014年前后加入的万达、科 瑞、恒茂地产等一众"地产系"股东。 依照彼时规则，重大关联交易须经董事会批准、独立董事一致同意；后续要在10个工作 日内公开披露交易架构等穿透信息。 但百年人寿不仅未及时公示，甚至在2025年2月才将这27笔交易提请董事会审议。 过去5年里，百年人寿历多轮人事洗牌，董事长、总裁之位都曾长期空悬，如今的董事会 成员与2020年间更是无一人重 ...

Core Viewpoint - Zhejiang Yongkun Holdings Co., Ltd. (Yongkun Gold) has attracted thousands of investors through a promised annual return of up to 18% and a "referral commission" mechanism, disguising its operations as legitimate financial products [1][2]. Group 1: Company Overview - Yongkun Gold, established in March 2014, is a subsidiary of Zhejiang Yongkun Holdings, with a significant presence in the gold industry, including over 100 offline stores across the country [13][15]. - The company operates a gold custody model, where most of the gold is not held by investors, and has expanded its business through various sales channels, including e-commerce platforms [6][15]. Group 2: Business Model and Operations - Yongkun Gold's business consists of two main categories: sales-custody-recovery services, promising high returns to investors, and online sales of gold products with a no-loss guarantee [7][10]. - The company has implemented a referral reward system, where investors earn commissions for bringing in new clients, resembling a Ponzi scheme [23]. Group 3: Financial Issues and Legal Troubles - On May 20, 2025, Yongkun Gold faced a liquidity crisis, unable to make payments to clients, leading to investor protests and legal actions for illegal public deposit solicitation [2][4]. - The company was listed in the business abnormality directory due to being unreachable at its registered address, and there are concerns regarding the authenticity of its insurance policies covering over 4.1 billion yuan in gold assets [4][11]. Group 4: Investor Impact - Over 10,000 investors have reportedly been defrauded, with losses exceeding 2 billion yuan, and conservative estimates suggest total losses could reach 5 billion yuan [5][21]. - The high promised returns have lured many investors, including employees of Yongkun Gold, who invested their life savings, only to face significant financial losses [21][24].

■ 波兰在4月增持12吨黄金，累计今年已增持61吨，黄金储备达到 509吨 ，首次超过欧洲央行（507 吨），显示其在地缘政治与货币主权上的强烈防御需求。 ■ 捷克央行连续26个月增持，土耳其、吉尔吉斯斯坦、哈萨克斯坦等也在持续加仓，表明 东欧及亚洲 部分国家对黄金的战略价值有高度共识 。 ■ 相比之下，乌兹别克斯坦连续三个月减持，总共抛售26吨，属于 局部调整而非系统性抛压 ，对市 场结构影响有限。 ■ 整体来看，尽管月度购金数据出现短暂回落，但当前 地缘政治紧张、货币政策分化、美元波动 等 背景下 黄金作为储备资产的吸引力仍然上升 3、 《 全球央行4月黄金净买入增长放缓》摘 要 1、 《 "光进铜退"将推进至电连接的极限距离 》 摘 要 ■ 盈利模式尚未跑通 ，包括最优秀的AIDC（人工智能数据中心）在内，多数仍在大幅亏损（2024年 亏损50亿元，2025年预计更多）。 ■ 随着大模型实际应用落地，未来有望形成商业闭环， 具备资源整合和技术领先能力的头部数据中心 企业值得关注 。 2、 《 产品渠道双重变革，新消费估值空间打开 》 摘 要 ■ 过去A股消费投资的核心锚是白酒、家电等强品牌龙头，但近年来 ...

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 | 董雨晴 来源 | 凤凰网科技 与打榜同期进行的，是招聘法律相关的数据专家。 5 月，Kimi被传进军医疗赛道，实际上同样是招 聘医疗领域的相关数据专家，目标是为了提升医疗内容的信息检索质量。 近日，Kimi又悄悄上线了学术搜索。 "很明显，Kimi在加强垂直领域的能力" ，另一行业人士对记者表示。 导语 ：当Kimi招聘法律专家、DeepSeek挖医学标注员，AI公司们抢的不是人才，而是用户愿 意相信的那一口"真"。 几个大模型初创企业里，Kimi当下最为安静。 "（Kimi）最核心的任务就是提升留存，或者把留存作为一个重要的衡量指标" 去年1 1 月，在Kimi 上线一周年之际，创始人兼CEO杨植麟曾在一场小型沟通会中亮相并提出了这一观点。 "有一轮大厂的钱进来后，投资人确实会要求看数据，杨植麟作为创始人肯定要在这方面用心"， 接 近Kimi的人士告诉记者，根据披露，那时Kimi的月活用户突破了3 600 万，跻身国内A I 原生应用T OP3 的席位。 据记者了解， 今年杨植麟的关注重心早已发生改变 ...

Core Viewpoint - The article discusses how consumer behavior has shifted towards seeking emotional value in low-cost purchases during economic downturns, with products like blind boxes, milk tea, and gold jewelry fulfilling this need for identity and social signaling [1][2][4]. Group 1: Emotional Value and Consumer Behavior - In a deflationary environment, consumers are increasingly focused on the emotional value derived from their spending, seeking low-cost, high-visibility purchases that provide immediate gratification [1][2]. - Products like Pop Mart's blind boxes leverage gambling psychology, offering low-cost dopamine hits that substitute for traditional financial returns [4][5]. - The rise of brands like Milk Tea and Old Gold highlights a trend where consumers prioritize affordable status symbols that allow for social signaling without significant financial burden [5][6]. Group 2: Mechanisms of Addiction and Reward - The article explains the neuroscience behind variable rewards, emphasizing that dopamine acts as a "prediction error" amplifier, making unpredictable rewards more addictive [6][12]. - Behavioral economics concepts such as the near-miss effect and sunk cost fallacy contribute to consumers' continued engagement with low-cost gambling-like products [7][14]. - The "dopamine loop" is described as a cycle where cues trigger actions that lead to variable rewards, reinforcing the desire for repeated engagement [8][10]. Group 3: Market Dynamics and Trends - The macroeconomic context shows a decline in traditional investment returns, pushing consumers towards low-stakes gambling as a means of achieving emotional satisfaction [13][15]. - The article notes that the emotional gap created by scarce rewards leads to increased risk-seeking behavior, with consumers willing to spend small amounts for the chance of a larger reward [14][15]. - The design of products like Labubu capitalizes on high variance and social media compatibility, enhancing their appeal and market presence [18][19]. Group 4: Regulatory Considerations - The article anticipates regulatory measures such as probability disclosures and spending limits for youth, which could impact the growth of the blind box market [20]. - The potential for market volatility is highlighted, as the success of these products is sensitive to changes in reward variance and regulatory scrutiny [21]. Group 5: Long-term Implications - The article concludes that while high-frequency dopamine models can yield short-term profits, they risk undermining long-term cognitive engagement and focus [22]. - Successful business models must evolve from exploiting human weaknesses to fostering positive habits and network effects that create sustainable value [22].

Core Insights - The beauty industry is increasingly leveraging technology, with significant investment activity observed in May, indicating a recovery in the financing market after a brief lull [2][3]. Investment Overview - In May, there were at least 63 disclosed financing events globally, with a total financing amount of approximately 21.9 billion RMB [2]. - The beauty sector accounted for 12 financing events, totaling 9 billion RMB, while the AI sector had 35 events totaling 9.9 billion RMB [3]. Financing Characteristics - Among the 12 beauty financing events, 2 were in skincare (17%), 3 in color cosmetics/fragrance/personal care (25%), and 7 in raw materials/manufacturers/R&D (58%) [4]. - Notably, seed and angel rounds comprised 38% of the total financing events, indicating a strong interest in innovative investment opportunities [3]. Major Acquisitions - A significant acquisition in May was the purchase of the skincare brand Rhode, founded by Hailey Bieber, by Elf Beauty for 1 billion USD (approximately 72 billion RMB) [7][9]. - Another notable transaction involved Shinsegae Group and Ascent Equity Partners acquiring a controlling stake in C&C International for 285 billion KRW (approximately 14.9 billion RMB) [9][10]. Emerging Trends - The beauty financing landscape shows a trend where leading companies are actively pursuing large-scale financing, with multiple 1 billion USD deals emerging [6]. - Companies with strong founder backgrounds are more likely to attract investment, as seen with PMD and its founder's extensive experience in the skincare industry [11][12]. Focus on Synthetic Biology - Synthetic biology companies are leading the beauty sector's financing in May, with several firms receiving significant investments, including a strategic partnership between L'Oréal and the company Weiming Shiguang [14]. - The trend indicates a sustained interest in innovative materials and technologies within the beauty industry [14]. New Consumption and E-commerce - In the new consumption and e-commerce sectors, 16 brands received financing, with a notable focus on short video and cross-border e-commerce services [21][22]. - The pet industry also saw significant investment, with companies like Paitexian Sheng and Guochong Blood receiving angel round financing [24][25].

Core Viewpoint - FountainVest's decision to sell half of its stake in Amer Sports for approximately $1.3 billion (around 935 million RMB) highlights the lucrative returns from investments in the consumer sector, particularly in high-end sports brands like Arc'teryx and Salomon, which have gained popularity among middle-class consumers [1][3]. Group 1: Investment and Financial Performance - FountainVest acquired a stake in Amer Sports in 2018 for about 77 billion RMB, and the recent sale allows them to recover their investment and achieve significant profits [3][10]. - Amer Sports reported a revenue of $5.183 billion in 2024, with Arc'teryx contributing over $2 billion, marking it as a key asset for the company [7][8]. - The company experienced a compound annual growth rate of 20.4% from 2020 to 2022, indicating strong recovery and growth post-pandemic [8]. Group 2: Company History and Transformation - Amer Sports, originally founded as a tobacco company in 1950, transitioned to the sports goods industry through a series of acquisitions, including brands like Wilson and Atomic [5][6]. - The major turning point for Amer Sports occurred in 2018 when it was acquired by a consortium led by Anta Sports for €4.6 billion (approximately 360 billion RMB), marking the largest outbound acquisition by Chinese capital that year [7][8]. Group 3: Market Trends and Future Prospects - The recent surge in outdoor and leisure sports has significantly boosted Amer Sports' market position, with the brand Arc'teryx becoming a sought-after item in the outdoor sports market [8][10]. - Following a successful IPO in 2024, Amer Sports' market capitalization reached $6.492 billion (approximately 46.6 billion RMB), and its stock price has seen substantial growth since its listing [8][9]. - The consumer investment landscape is becoming increasingly competitive, with private equity firms like FountainVest actively seeking new opportunities in the sector, supported by the capital raised from their recent stake sale [11][12].