Core Viewpoint - The implementation of the new regulations in the lending industry, particularly the cap on annual interest rates at 24%, is leading to significant restructuring and challenges for smaller lending institutions as they compete for a shrinking pool of quality clients [1][3][27]. Group 1: Regulatory Changes - The new regulation effective from October 1 mandates that annual interest rates must not exceed 24%, prompting many lending platforms to stop offering products with higher rates [3][11]. - Major platforms have adjusted their offerings, with some like "Rongshu Loan" removing previous interest rate disclosures and now offering rates starting from 7.3% [3][5]. - The compliance adjustments are evident as many platforms now display interest rates within the 24% cap, with some offering rates as low as 3.6% for first-time borrowers [5][11]. Group 2: Market Dynamics - The competition for clients with interest rates below 24% has intensified, leading to increased customer acquisition costs, which have reportedly risen to over 1,000 yuan per user for smaller platforms [11][12]. - The overall transaction volume in the industry is declining, with some smaller institutions experiencing a halving of their transaction volumes due to both passive and active contractions in response to the new regulations [11][12]. - The pressure on asset quality is rising as many platforms are forced to tighten their lending criteria, particularly for clients with lower credit ratings [12][27]. Group 3: Impact on Business Models - The unbundling of "equity products" from the borrowing process is a significant trend, as platforms seek to comply with regulatory scrutiny while exploring new revenue models [13][14]. - Many platforms are now required to separate financial benefits from the borrowing process, which has led to operational challenges and customer complaints regarding refund policies for unused services [16][17]. - The industry is witnessing a clear divide, with larger platforms benefiting from regulatory compliance while smaller institutions struggle to survive amid tightening financial conditions [27][28]. Group 4: Future Outlook - The industry is awaiting further regulatory guidance to clarify compliance requirements and operational standards, which could shape the future landscape of the lending market [29][30]. - There is speculation that clearer self-regulatory policies regarding interest rates and fees will be introduced, providing more specific guidelines for compliance and operational practices [29].

Core Viewpoint - Zhang Yiming, the founder of ByteDance, emphasizes the importance of talent cultivation and innovation, highlighting the need for a shift in educational approaches to better prepare young talents for real-world challenges [1][2]. Group 1: Talent Cultivation - The newly established Xuhui Zhichun Innovation Center aims to recruit young individuals interested in computer science and artificial intelligence, reflecting Zhang's commitment to nurturing talent [1]. - Zhang draws a parallel between the concept of "overfitting" in machine learning and current talent training pitfalls, where individuals may excel in specific skills but struggle with innovation tasks [2]. - The center seeks to foster active thinking, passion, resilience, and a long-term perspective among youth, encouraging independent thought and practical experience [2]. Group 2: Zhang Yiming's Philosophy - Zhang's views on talent development are rooted in his entrepreneurial experience, particularly the founding of ByteDance in 2012, where he focused on solving fundamental problems rather than merely making incremental improvements [2]. - After stepping down as CEO in May 2021, Zhang expressed a desire for the company to continue innovating and becoming more meaningful, indicating a shift towards strategic thinking and long-term vision [4]. - He aims to dedicate time to learning and exploring new ideas, focusing on areas like virtual reality and life sciences, which he believes will significantly impact human life [4].

作者丨 2 1世纪经济研究院研究员 李果 编辑丨周上祺 随着国庆中秋"双节"假期结束，又到了各个城市文旅部门交"答卷"的时间。每逢此时，总免不 了对国内城市的假日消费进行一次横向的对比与排名，市场习惯看的数据有两个，一是旅游 总人数，二是旅游总花费，或者更细一点，是人均旅游花费。但21世纪经济研究院研究员认 为，这两项数据其实无法准确、全面地复盘当下的假日消费发展状况，我们需要从更多的维 度去观察每一座城市的消费吸引力、竞争力。 举例而言，可能已经有细心的读者发现，很多城市对旅游人数和旅游花费的统计口径并不 一样，直接横向比较数据有失公允。与此同时，随着高铁、高速公路的加密成网，都市圈 所形成的旅游消费聚集效应越来越强，游客也越来越倾向于利用超长假期在都市圈内的城 市逐一观光打卡，再仅仅去分析单一城市的旅游吸引力，就已经无法覆盖整体情况了。 为此，21世纪经济研究院梳理了6个关键词，来呈现国内城市在今年国庆中秋"双节"假期文旅 发展新趋势。 一、2000万人次 在纳入统计的11座城市中，有8个城市的2025年国庆中秋假期游客总量超过2000万人次，其中 成都的游客总量在2024—2025年国庆（中秋）假期连续 ...

国庆中秋假期（下文简称"双节"）期间，黄金成为市场最靓的仔，海外市场的多重因素共同 推动现货黄金站上4000美元/盎司的历史性关口，最高触及4059.31美元/盎司，较节前上涨近 5%。10月10日，黄金出现短线回调，截至17时30分左右，现货黄金涨0.55%，报价3997.68美 元/盎司。 记者丨叶麦穗 编辑丨包芳鸣 金珊 2 2只黄金股股价实现翻倍 金价从2000美元/盎司到3000美元/盎司，耗时四年七个月多，而从3000美元/盎司到4000美元/ 盎司仅用了半年多，至此今年以来黄金期货和现货的涨幅均超过53%，成为今年最赚钱的主流 资产之一。 今年金价出现过两个大涨阶段，主要在3月份和9月份，这两个月当月涨幅均超过10%。 紧张以及对法定货币稳定性的信心被侵蚀之际，黄金被视为一种强有力的保值工具。 4000美元/盎司黄金目标价较预测更快兑现， 不少外资机构的唱多步伐甚至没赶上金价上涨的 速度 。 10月7日，高盛基于各国央行预计将持续增持黄金，以及个人投资者对黄金的大力买入，将 2026年12月黄金价格预期从每盎司4300美元上调至每盎司4900美元。 瑞银于9月25日发布的研究报告预计，到2026 ...

据中央纪委国家监委驻中国证监会纪检监察组、浙江省纪委监委消息：中国证监会原发行审核 委员会主任委员、发行监管部副主任、一级巡视员郭旭东涉嫌严重职务违法，主动投案，目前 正接受中央纪委国家监委驻中国证监会纪检监察组和浙江省台州市监委监察调查。 来源丨证监会发布 编辑丨金珊 SFC ...

10月10日，据 国家市场监管总局网站消息， 因高通公司收购Autotalks公司未依法申报经营者集中，涉嫌违反《中华人民共和国反垄断法》， 市场监管总局依法对高通公司开展立案调查。 截至北京时间17:09，高通美股盘前跌2.91%。 SFC 21 SFC 悦 读 · 智 能 权 威 . D o 扫码点击下载 来源丨 国家市场监管总局网站、公开信息 编辑丨金珊 ...

SFC 来源丨 央视新闻 编辑丨金珊 江苏省南京市秦淮区人民法院今天（10月10日）发布通报称： 秦淮区人民法院于2023年9月7日立案受理原告王某与被告俞某某离婚纠纷一案。因被告俞某某 在国外服刑，法院依法通过涉外送达方式向其送达应诉材料及开庭传票。2025年9月26日，秦 淮区人民法院依法不公开开庭审理本案。原告王某及其委托诉讼代理人、被告俞某某的委托诉 讼代理人到庭参加诉讼，被告俞某某通过在线视频方式参加诉讼。经审理，秦淮区人民法院于 2025年10月10日依法判决准予原告王某与被告俞某某离婚，判令被告俞某某给付原告王某离 婚损害赔偿50万元。 ...

来源丨澎湃新闻 编辑丨金珊 柳润瑛 金价连创新高，该配置多少？达利欧回应 从光伏到氢能，2025年诺奖暗藏玄机 SFC 21君荐读 具体补贴标准为：社保补贴一线城市（北/上/广/深/杭）2000元/月、其他城市1500元/月；生活 补贴按照员工税前月固定收入的20%提供，保底值为一线城市4000元/月，其他城市 3000元/ 月，所有城市封顶值为1万元/月。 据澎湃新闻，10月10日，记者从接近字节跳动人士处获悉，字节跳动近期发布一项新的员工保 障方案：针对中国内地因为组织调整而被动离职的正式员工，在原有的经济补偿方案基础上， 为符合条件者额外提供最长6个月、最高1.2万元/月的过渡性补贴。该政策已于本月起正式生 效。根据该政策，最高过渡性补贴价值可达7.2万元。 ...

这一销售高峰与9月以来的"新车潮"密切相关。 据21世纪经济报道记者不完全统计，仅9月22 日至28日，国内车市就有18款新车上市或亮相，包括理想i6、问界M7、尚界H5等多款车型。 多款新车的集中发布直接带动了门店客流与订单量的攀升。一位鸿蒙智行销售人员透露，以新 款智界R7为例，假期期间订车仍需等待4至6周才能交付。 （鸿蒙智行一批新车正等待交付 本报记者焦文娟/摄） 行业层面，"金九"成色初步显现。 乘联会数据显示，9月1日至27日，乘用车市场零售销量达 177.6万辆，环比增长12%。 记者丨 焦文娟 编辑丨包芳鸣 金珊 国庆中秋假期（下文简称："双节"），车市热度延续。记者发现，有品牌车型价格一口气 下 调近7万元，还有部分车型补贴高达5万元。 10月8日晚间，鸿蒙智行公布假期大定数据，9月30日至10月7日累计大定突破4.85万辆。 一是明确从2026年1月1日起，新能源汽车购置税将"免征"改为"减半征收" ，这意味着消费者 购车成本将最高增加1.5万元。 二是国家层面的"以旧换新"补贴政策在部分省份已于9月提前 结束。 一位经销商人士分析称，这种"错过就不再"的预期，促使大量观望中的消费者选择 ...

Core Insights - The article discusses the rapid rise of Sora2, an AI video generation app, which quickly topped the App Store charts, reflecting strong market interest in AI applications [1] - The AI industry is bifurcating into two main camps: general large models and vertical models, both aiming for commercial viability [3][5] - The competition between general and vertical models raises the question of which will become the "super application" that dominates the market [5][6] Group 1: AI Model Differentiation - General large models like ChatGPT and Sora2 are transitioning from technology providers to application platform service providers, integrating features like instant shopping [3] - Vertical models focus on specific industries, utilizing specialized data to offer tailored solutions, such as BloombergGPT for finance and Command-R for data privacy [5] - Both model types share a common urgency to achieve commercial deployment, with 2025 anticipated as a pivotal year for AI applications across various sectors [5] Group 2: Market Dynamics and Opportunities - The article highlights the potential for significant cost reductions in production through AI, with some companies reporting a 30-40% decrease in costs for short films using Sora2 [5] - The integration of e-commerce features into general models, such as partnerships with Shopify and Etsy, enhances their platform capabilities [5] - Vertical models are building data barriers and unique IPs to establish their market presence, similar to how Alipay became a super app in the internet era [5] Group 3: China's Position in AI - Chinese companies are showing strong potential in developing AI super applications, leveraging their engineering capabilities and vast application scenarios [8] - Historical trends indicate that Chinese tech firms excel in scaling products, with projections showing that by 2024, China's e-commerce retail scale will be three times that of the U.S. [8] - Chinese AI products are noted for their cost advantages, with DeepSeek demonstrating significantly lower costs compared to international counterparts like Sora2 [9] Group 4: Future of AI Applications - The article emphasizes that the key to success in the AI landscape is application development, with companies racing to create market-disrupting super applications [10] - Industry leaders are optimistic about the future of AI, with expectations for the emergence of multiple super applications rather than a single dominant player [10] - Chinese firms are positioned to compete at the forefront of the global AI race, thanks to their diverse application scenarios and engineering prowess [10]