5月20日，国家发改委 高层 明确表态，将从创新驱动、地方约束、产业布局、行业自律四方面系统 整治 "内卷式竞争"。 对已经深陷激烈价格战多年的汽车行业来说，政策高层的指令明确。此前，顶层会议也多次明确提 出，反对内卷式竞争。 然而，政策的滞后性与执行难度，使得部分企业仍抱有侥幸心理。 长城汽车董事长魏建军 曾经对 "价格战是双刃剑"的预言余音未散，"倒闭车厂的二手车如废铁"预警 还在发酵。 过度资本化裹挟下的价格战 ，正侵蚀着消费者的利益。 在新能源车平均售价同比下滑 12.6%的背 景下，用户所持车型的保值率大幅下探，"新车当二手卖"的现象已成普遍。二手车市场中，部分车辆 上市半年即贬值超30%。消费者信任正在被反复透支，对品牌长期价值的判断趋于谨慎。 在行业深陷 "内卷"泥潭时，长城汽车董事长魏建军的声音显得愈发清晰。他直言："吹灭别人的灯， 关键是什么灯，它要是鬼灯我一定要把它吹灭了，让这个行业得到健康发展。" 在他看来，价格战不仅击穿了商业底线，更以牺牲用户权益为代价透支产业未来。当部分车企以 "亏 本换销量"粉饰虚假繁荣时，魏建军却以 务实 "精神撕开行业真相："有些产品从二十二三万降到十 二三万 ...

Core Viewpoint - The U.S. government maintains a "strong dollar" policy, dismissing speculations about a shift towards a "weak dollar" or secret currency agreements [1][9][10]. Group 1: Strong Dollar Policy - Stephen Miran, Chairman of the White House Council of Economic Advisers, confirmed the commitment to a "strong dollar" policy, refuting any claims of secret currency agreements during trade negotiations [1][3][4]. - Following Miran's statements, the U.S. dollar index rose by 0.5% to 100.1216 before slightly retreating [2]. - Miran emphasized that the strong dollar is not just about exchange rates but also concerns the stability of the dollar system and its structural advantages as the global reserve currency [10]. Group 2: Trade and Economic Strategy - Miran addressed concerns regarding tariffs, economic deficits, and potential recession, stating that the recent market volatility is expected during policy adjustments [11][13]. - He noted that while companies might delay investments or hiring, this does not indicate an impending recession, but rather a temporary shift in timing [14]. - The administration is engaged in trade negotiations with over 20 countries, expecting to finalize multiple agreements in the coming months, which could significantly boost U.S. exports and help reduce the trade deficit [15]. Group 3: Fiscal Deficit and Tax Policy - Miran criticized the Biden administration for leaving behind a challenging fiscal situation while defending the current fiscal strategy [16][17]. - He argued that fiscal deficits should occur during genuine crises, not during stable economic periods, and that assessments of deficits should consider various factors beyond static evaluations [18]. - Despite market challenges, Miran expressed confidence in the administration's core economic strategy, which focuses on tax reform, deregulation, and energy independence [19][20].

日债暴跌：正在形成一个"价值陷阱" 穆迪降级引发美债市场动荡，而30年期日债收益率近期的上涨幅度甚至超过了美债。 自4月初以来，30年期日债收益率已经飙升了85个基点，同期30年期美债收益率上升了60个基点。尽管货币对冲后的日债收益率对外国投资者看似极具吸引 力， 但摩根士丹利最新分析警告投资者，这可能是一个正在形成的"价值陷阱"。 日本长期国债崩塌，会是全球债券市场的"金丝雀"预警？ 近期，30年期日本国债收益率急剧上升至历史高位，目前已与德国30年期国债收益率相当，这在历史上很少出现。这一上升趋势始于4月中旬并持续至今，引 发了市场对全球债市的担忧。 据追风交易台， 摩根士丹利在最新的报告中表示，结构性供需失衡导致日债陷入"价值陷阱"，即便货币对冲后债券看起来"便宜"但可能进一步下跌。 进一步来看，日债崩塌或是全球债市结构性问题的预警信号，高盛在报告中表示，全球债市面临共同的三重压力：持续通胀压力、ALM投资者需求下降、政府 融资需求高企。 大摩也警告，日债持续走弱暗示美国长期国债也面临同样命运，美债收益率曲线可能进一步陡峭化。 从表面数据看，日债对外国投资者的吸引力确实惊人。大摩报告指出： 对美元投资者 ...

Core Viewpoint - The Trump administration has suspended Harvard University's eligibility to enroll international students, requiring current foreign students to transfer or risk losing their legal status [1][5][6]. Group 1: Impact on Harvard University - The Department of Homeland Security (DHS) has revoked Harvard's Student and Exchange Visitor Program (SEVP) certification, preventing the university from enrolling any international students for the 2025-2026 academic year [5][6]. - Approximately 6,800 international students currently enrolled at Harvard represent 27% of the total student body, a significant increase from 19.6% in 2006 [8][9]. - Harvard's response to the DHS action is that it is illegal, and the university is committed to maintaining its ability to enroll international students from over 140 countries [10][11]. Group 2: Broader Implications for Higher Education - The Trump administration's actions against Harvard reflect a broader conflict with elite universities, leading to financial pressures and potential enrollment declines at other institutions like MIT and Columbia University [4][12][15]. - MIT is facing financial challenges and has announced plans to reduce graduate student admissions by 8% due to federal funding cuts [15]. - Columbia University has seen a significant drop in applications, attributed to concerns over campus unrest and the Trump administration's scrutiny, resulting in a loss of approximately $400 million in federal research funding [16][17].

Core Viewpoint - The article discusses the rise of three prominent consumer brands from Henan, China: Mixue Ice City, Pop Mart, and Pang Donglai, highlighting their unique business strategies and the founders' backgrounds that resonate with current consumer sentiments [3][5][10]. Group 1: Company Overview - Mixue Ice City went public in Hong Kong in March 2023, with its stock price soaring from the IPO price of 202.5 HKD to 456 HKD, marking a 125% increase within two months [5][9]. - Pop Mart, founded by Wang Ning, initially faced challenges post-IPO in 2020 but has recently seen a resurgence, with its stock price reaching nearly 200 HKD, driven by popular IPs like Labubu [6][9]. - Pang Donglai, known for his high-profile public persona, has built a supermarket chain that emphasizes employee welfare and community engagement, becoming a symbol of hope during economic downturns [7][10]. Group 2: Founders' Backgrounds - The founders of these companies, all from Henan, share a humble background, which influences their business philosophies. Zhang Hongchao and Zhang Hongfu of Mixue Ice City grew up in poverty, leading to a focus on affordability in their products [5][8]. - Wang Ning of Pop Mart, despite initial skepticism from investors, persisted in his vision of creating a unique retail experience that appeals to adults, which has now gained significant traction [11][12]. - Yu Donglai of Pang Donglai has a more public-facing approach, actively engaging with the community and promoting a positive work environment, which has garnered both support and criticism [7][10]. Group 3: Market Strategies - Mixue Ice City has rapidly expanded into Southeast Asia, with over 550 stores in Vietnam and Indonesia by early 2022, aiming to provide affordable beverages globally [26][27]. - Pop Mart has adopted an aggressive expansion strategy into major international cities, including New York and Paris, focusing on high-traffic tourist areas to enhance brand visibility [28][29]. - Pang Donglai has maintained a stronghold in Henan, with a significant portion of its products being self-branded, projecting a sales increase from 20 billion to 60 billion in proprietary goods by 2024 [30][31].

作者郑嘉意 编辑松壑 行至下半场的社保卡"抢户大战"，激烈度骤然上升。 自2021年第三代社保卡进入全国推广阶段，上到国股行、下至城农商行，已全面打响开户竞赛，通过预约、优惠、赠送权益等多种方式锁定客户； 各行"自掏腰包"补贴的意图，则在于通过民生入口获取低成本负债资金、拓展业务场景。 来自四年前的硝烟，直到2025年仍未消散。 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 一位国有大行华北地区分行网点负责人对信风表示，新卡功能多、更换便利，业务高峰期进展顺利。 "虽然头上有KPI，但二代卡集中到期，新卡功能又好，通知后用户主动来办理的比较多。"该负责人表示，"我们当地的居民基本已经在前两年完成换卡。" 另一位国有大行华南地区员工对信风证实，"换卡业务不难做。" 其表示"我们行和特别多社区都有合作，轮岗的时候都会有居民主动来办理。" 以苏州地区为例。 今年5月，北京人社局启动第三代社保卡第三批集中换发，面向东城区、朝阳区、门头沟区和密云区四个区的参保单位，涉及在职职工300余万人 ； 几乎同期，以 工、农、中、建、交、邮储六大行北京分行为代表的多家银 ...

华尔街见闻出品 以下文章来源于资事堂 ，作者资事堂 资事堂 . 资事堂注意到：DeepSeek的母公司深度求索公司日前在招聘平台持续发力人才引进。 除了常规的算法研究、程序设计等领域。2025年5月，在不少实习生招聘平台上都出现了"DeepSeek招聘数据百晓生（医疗方向）实习生"的需求。 这个在几年前创立深度求索公司，推出DeepSeek大模型的年轻人，在2025年初震动了中国上下。 但在这前后，他都始终保持着低调，一如他率领的那个推出DeepSeek大模型的AI技术团队——除了偶尔崭露头角的论文，业界对他和他们的了解，并不比半 年前多了多少。 但可以想见的是，这支团队一定在默默的发力，持续攀登新的高峰。 作者 孙建楠 编辑袁畅 梁文锋，又有了新动向！ 日前，一则不起眼的招聘信息，或许透露了这支年轻团队的一个新方向。 ——医疗。 DeepSeek招聘医疗实习生 在最新的招聘需求中，DeepSeek团队提到： 按照相关招聘要求，这个实习生岗位，需求是医学背景的本科高年级和研究生。 一周工作四天以上，实习工资日薪超过500-580元每天。 以此累计，正常的"满勤"实习生，每月大概率收入过万元。 独特的"数据百晓 ...

一季度，即时零售 赛道正在 陷入了一场" 多快省 "的缠斗，而叮咚买菜却在这场贴身肉搏战中意外 地开辟出第二战场。 先来看看叮咚买菜一季度成绩单： 区域优势再放大 叮咚买菜目前 的目标是吸引和留住对商品品质和服务有更高要求的用户群体。简单来说，就是那些对 生活品质有追求的 "好用户"。 从区域表现来看，上海区域 GMV同比增长5.0%，浙江区域和江苏区域则分别同比增长17.8%和 13.9%。温州、湖州、南通、金华等城市，实现了超过50%的同比增长，此外，值得一提的是广深 区域的惠州和佛山也实现了同比40%以上增长。 叮咚买菜一季度 GMV同比增长7.9%至59.6亿元，收入增长9.1%至54.8亿元，连续5个季度保 持营收正向增长； Non-GAAP标准下实现净利润0.3亿元，连续10个季度盈利的纪录持续刷新，期末现金储备达 42.9亿元。 第一季度 ，平台订单总量同比跃升 12.1%，表明平台的用户活跃度和购买频次持续提升； 日均活跃用户数（ DAU）也实现了稳健增长，超过200万，同比增长4.5% ； 同时，日均下单用户数从 74万升至83万（+11.1%）； 用户转化率从 61.6%跃升至64%，意味 ...

Core Viewpoint - The Labubu 3.0 series from Pop Mart is experiencing significant popularity in the global market, particularly in the US and Europe, driven by celebrity endorsements and social media engagement [1][2][3]. Sales Performance - In April, sales in the US and EU markets increased approximately 8 times and 5 times year-on-year, respectively, indicating the successful penetration of Labubu 3.0 in these regions [3][4]. - Online sales through e-commerce platforms in China saw a year-on-year growth of 287% in April, with significant contributions from platforms like Tmall, JD, and Douyin [5]. Social Media and Brand Influence - Pop Mart's TikTok followers in the US grew from 431,200 in March to 722,900 in April, marking a 68% increase, and the brand ranked first in TikTok retail sales in April [4]. - The Labubu 3.0 series is increasingly being used as a fashion accessory by celebrities and KOLs, enhancing its appeal in the fashion sector [1][2]. Retail Expansion - Pop Mart plans to open 110 new retail stores overseas and 20 in the domestic market, aiming for a total of approximately 650 stores by the end of 2025 [5][8]. - The company has opened 14 new retail stores this year, focusing on landmark and cultural locations to provide immersive experiences for consumers [4]. Financial Projections - According to Bank of America, Pop Mart's revenue is expected to reach HKD 22.601 billion and net profit HKD 6.5 billion by 2025, reflecting a year-on-year growth of 91% [8]. - The current stock price of Pop Mart is around HKD 207, corresponding to a price-to-earnings ratio of 42.42 times for 2025, which is considered attractive given the company's growth prospects [8][7].

Core Viewpoint - The outdoor sports market has seen significant growth, with brands like PELLIOt (伯希和) capitalizing on this trend, achieving over 50% year-on-year sales growth during the recent e-commerce promotion period [1][6]. Group 1: Company Overview - PELLIOt was founded in 2012 by Liu Zhen and Hua Jingling, targeting the outdoor market from the beginning [3]. - The company has experienced a transformation since the outdoor trend exploded in 2022, with its three-in-one jackets gaining popularity and achieving a compound annual growth rate of 144% in sales [5][6]. - PELLIOt's revenue for 2022, 2023, and 2024 is projected to be 379 million, 910 million, and 1.766 billion respectively, with net profits of 24.3 million, 152 million, and 283 million [6]. Group 2: Market Position and Strategy - PELLIOt has positioned itself as a cost-effective alternative to high-end brands like Arc'teryx, offering similar performance at a significantly lower price [1][11]. - The company has maintained a high gross margin, increasing from 54.3% in 2022 to 59.6% in 2024, and net profit margin from 6.4% to 16% [6]. - The direct-to-consumer (DTC) sales model has been crucial, with online DTC sales accounting for 87.5%, 82.8%, and 76.5% of total sales from 2022 to 2024 [6]. Group 3: Challenges and Risks - PELLIOt faces challenges such as low R&D investment, reliance on a single product category, and difficulties in moving upmarket [2][12]. - The company has a relatively small R&D team, with only 4.5% of its workforce dedicated to this area, which is significantly lower than competitors [11]. - The brand's identity is complicated by naming controversies related to its homage to Paul Pelliot, raising questions about its cultural narrative [14]. Group 4: Future Prospects - PELLIOt is preparing for an IPO, having raised significant funds from various investors, including Tencent, which acquired a 10.7% stake [7][9]. - The company must enhance its operational capabilities and redefine its brand positioning to succeed in the competitive outdoor market [14].