周三，美国总统特朗普再度点评市场。他最新表示，美国财长贝森特很好，数字让他看起来更好，他懂市场，贝森特一上电视，一切都要涨。 特朗普谈财长贝森特讲话/公开露面对于市场的作用。特朗普此番讲话后，美股短线小幅拉涨，维持日内涨势。至此，美股已连续三个交易日上涨。美元/瑞郎 日内涨幅达0.5%，报0.843。 贝森特当日讲话谈及贸易谈判。 本周二，标普500指数收复年内失地之际，特朗普表示，一个月前，各家公司还对我不满意，但随着市场上涨，他们的态度改变了。市场上涨真 是太美妙了。它还会继续涨，涨得高的多。 不过需要注意的是，特朗普本周二和周三点评美股，并未引起美股此前在低位时的拉涨效应。周三标普500指数仅勉强小幅上涨。 1) 卖力向投资者兜售美国经济的长期增长潜力 当地时间5月5日，面对市场动荡和国际社会对美国的质疑声浪，贝森特卖力向投资者兜售美国经济的长期增长潜力，呼吁他们押注美国，驳斥"抛售美国"的主 题。贝森特称： 此外，媒体周三援引知情人士报道称，美国不会在贸易协议中寻求美元贬值。财政部长贝森特是唯一负责处理这些问题的成员，未委派他人进行货币政策磋 商，仅在贝森特在场时才可谈判。美元指数短线拉升大约20点， ...

Core Viewpoint - Tencent's Q1 performance exceeded expectations, with revenue of 1800.22 billion RMB, a 13% year-on-year increase, and adjusted net profit up 11% [2][25]. Group 1: AI Strategy and Investment - Tencent's CEO highlighted that AI capabilities have significantly contributed to advertising effectiveness and gaming, with increased investments in AI applications within the WeChat ecosystem [2][3]. - The company believes that existing high-quality revenue will help absorb additional costs from AI investments, maintaining financial stability [3]. - AI's impact is observed in three areas: advertising targeting, user engagement, and game participation [7][9]. Group 2: User Engagement and Product Development - The "Yuanbao" AI feature is in its early stages, with initial user interactions showing promise for increased usage as users engage more with the AI [5][33]. - The company plans to enhance the integration of WeChat's capabilities with "Yuanbao" to improve user experience and retention [6][34]. - User interaction with AI assistants is increasing, indicating a growing acceptance and value recognition among users [44]. Group 3: Gaming Performance - Tencent's domestic gaming business showed strong performance in Q1, benefiting from a low base in the previous year, with long-term growth potential in both domestic and international markets [11][35]. - AI is being explored in large multiplayer games, focusing on enhancing player experience and retention through features like guidance for new players and cheat prevention [13][39]. - The company is strategically positioning itself in the first-person shooter (FPS) genre, which is expected to grow in popularity among Chinese players [40][57]. Group 4: Financial Performance and Projections - Tencent's total revenue for Q1 was 1800 billion RMB, with a gross profit of 1005 billion RMB, reflecting a 20% increase in gross profit year-on-year [25][26]. - The company anticipates that the gap between revenue growth and operating profit growth will narrow, with a typical lag of one to two years for new product investments to yield returns [16][56]. - Operating expenses increased due to higher marketing costs for AI applications, but the overall ratio of sales and marketing expenses to revenue decreased [27][28]. Group 5: Advertising Revenue Growth - Tencent's marketing services revenue grew by 20% to 320 billion RMB, driven by increased user engagement and AI enhancements in advertising platforms [21]. - AI has the potential to significantly improve advertising click-through rates, with some ads seeing increases from 1.0% to 3.0% [15][59]. - The company is focused on integrating advertising with transaction capabilities to enhance the effectiveness and revenue potential of its advertising business [32][63].

巴菲特坦言年龄的影响，最终促使他做出决定将伯克希尔哈撒韦公司(Berkshire Hathaway)的管理权交 给格雷格·阿贝尔（Greg Abel）。 5月14日，伯克希尔哈撒韦董事长兼CEO巴菲特在接受华尔街日报采访时表示："不知为何，我直到90 岁左右才真正开始感觉变老，但一旦开始变老，这种变化就是不可逆的。" 阿贝尔时代将在不到八个月后开始。而当这一时刻到来，巴菲特不会走远——他计划继续前往他在奥马 哈的办公室，并继续担任董事长职位。 巴菲特承认，年龄的增长削弱了他的某些能力，但他表示，自己仍然拥有作为投资者或许最珍贵、最罕 见的天赋："我在做决定时没有任何困难，无论是20年前、40年前还是60年前我曾做过决定的事情。如 果市场出现恐慌，我仍然能派上用场，因为当价格下跌或其他人感到恐慌时，我不会害怕，这真的与年 龄无关。" 最近，伯克希尔庞大的现金和国债储备不断增加，引发了外界的关注，人们想知道这家公司下一步会在 哪里进行交易。巴菲特说："阿贝尔会有关于资金应该投向何处的想法。" 据报道，巴菲特注意到自己偶尔会失去平衡，有时难以回忆起某人的名字。突然间，他阅读的报纸看起 来像是墨水不足。这些感受在过去 ...

以下文章来源于资事堂 ，作者资事堂 资事堂 . 未按要求按时提交经审计的年度财务报告（本异常机构公示情形已整改）。 华尔街见闻出品 作者孙建楠 编辑袁畅 王亚伟，曾经是内地公私募圈"最具关注度"的名字。因为他的业绩一度是其他人无法企及的程度。 虽然如今他的动向已不为人知，但不可否认，他的名字仍旧在圈内"备受关注"。 而关于他"遗留"下的那个基金公司——千合资本，依然在市场里正常运作着，这也是这个圈层里另一个"吸睛"的所在。 而伴随着日前的公告信息，更多"炸裂"的信息，浮到了"水面"之上。 千合资本"已整改" 据基金业协会官网， 千合资本的备案主页近日出现信息更新。 作为一家仍在运营的私募机构，千合资本的信息一直可以从中部分的得到了解。这某种程度，也是这家神秘机构顽强"生命力"的体现。 最新的信息更新出现这家私募的机构诚信信息一栏中，在异常提示部分——最新有了更多标注： 这段表述意味着两个信息： 首先，千合资本在此前曾经因为未及时提交"经审计的年度财务报告"，而被判定出现异常。 其次，该异常情况被新标注为已整改——大概率是协会获得相关财务报告。 根据资事堂的了解： 一家备案并处于正常状态的私募机构，应当在每个年 ...

来源:人民日报客户端 相关阅读 ： 125%→10%、24%税率暂停90天 对美关税开始调整 ⭐星标华尔街见闻，好内容不错过 ⭐ 本文不构成个人投资建议，不代表 平台 观点，市场有风险，投资需谨慎，请独立判断和决策。 14日，外交部发言人林剑主持例行记者会。 有记者提问称，据报道，中美在日内瓦举行经贸高层会谈后，中方将在初始90天内将对美商品关税 从 125%降至10% ，同时美方将对华商品关税降至30%， 其中包括以芬太尼为由对华加征20%的关税。中方 对此有何评论? 林剑对此表示，中美双方在日内瓦的经贸会谈达成多项积极共识，同意大幅降低双边关税水平，美方承 诺取消91%关税，暂停实施24%的"对等关税"。相应地，中方也取消91%反制关税，暂停实施24%的反制 关税，双方各自保留10%的关税。 林剑称， 美方以芬太尼为借口对中国无理加征两轮关税，中方均第一时间采取包括关税和非关税措施在 内的反制举措，坚定维护自身正当权益。这些反制措施仍然有效。 觉得好看，请点"在看" ...

Core Viewpoint - Taikang Insurance is undergoing a transformation period after years of leading the non-listed insurance sector, facing challenges in its core life insurance business while attempting to innovate through a "new life insurance" model that integrates health and wellness services [1][3]. Group 1: Financial Performance - In 2024, Taikang recorded revenue and net profit of 327.06 billion yuan and 15.16 billion yuan, with growth rates of 17.23% and 20.63% respectively [2]. - Taikang Life's revenue and profit growth rates were 17.83% and 8.88%, with profit growth declining by 10 percentage points compared to the previous year [4][15]. - Taikang Pension reported a loss of 1.4 billion yuan, while Taikang Online's profit increased by nearly 60%, contributing only 0.077 billion yuan to the group [4]. Group 2: Organizational Changes - Since 2023, Taikang has undergone significant personnel changes, with founder Chen Dongsheng taking over as chairman of Taikang Pension and his son Chen Yilun leading the fund business [3]. - Taikang Life has closed 359 branches from 2024 to April 2025, with 144 branches closed in the first four months of 2025 alone, marking it as the fastest shrinking major life insurance institution [7][21]. Group 3: Strategic Adjustments - The shrinking of branches may indicate ongoing adjustments within Taikang, as the company aims to optimize its resource allocation and focus on high-net-worth clients [23][27]. - Taikang's "new life insurance" strategy aims to integrate health and wellness services into its traditional insurance offerings, with products like "Happiness Appointment" and the "Taikang Home" retirement community [10][12]. Group 4: Challenges in Pension Sector - Taikang Pension has faced significant challenges, with a revenue growth rate dropping over 20 percentage points to 0.5% in 2024, and a loss of 1.4 billion yuan [37][40]. - The company is focusing on its core pension business while gradually divesting from non-core short-term health insurance products [40]. Group 5: Future Outlook - The long-term success of Taikang's investment in health and wellness services, particularly in retirement communities, remains uncertain due to cultural preferences for home-based care and potential operational challenges [50][52].

本文不构成个人投资建议，不代表 平台 观点，市场有风险，投资需谨慎，请独立判断和决策。 觉得好看，请点"在看" ⭐星标华尔街见闻，好内容不错过 ⭐ 特朗普政府周一发布行政命令称，自5月14日起，通过邮政服务从中国寄送价值不超过800美元的商品， 税率将从120%降至54%。（中国日报） ...

Core Viewpoint - The "BRICS+" alliance is emerging as a counterbalance to the G7, reshaping the global economic landscape and necessitating a thematic and active management investment approach [1][2][8]. Group 1: Transformation of World Order - The global order is shifting from a US-centric model to a more diversified structure, with competition and cooperation between "BRICS+" and the G7 expected to coexist long-term [2]. - The competition for resources, particularly in technology, energy, and commodities, is becoming central to future economic growth, with BRICS countries holding strategic advantages in these areas [3][19]. Group 2: Investment Methodology Reconstruction - The traditional dichotomy of "developed" and "emerging" markets may no longer be applicable, as investment opportunities will focus on growth drivers rather than conventional market classifications [4][12]. - The rise of thematic investing is becoming a new paradigm, where investors should adopt strategies based on core growth drivers and diversify across private and public market securities to capture growth opportunities in a divided world [5][23]. Group 3: Key Drivers of Change - The investment landscape is evolving, with key growth drivers including technology, energy supply, commodities/resources, and productivity advantages [24]. - The nature of these drivers is changing, with increased demand for energy due to new technologies and a shift in economic positions among nations based on their resource endowments [15][17]. Group 4: Geopolitical and Economic Implications - The rise of "BRICS+" is prompting a reevaluation of asset management practices, as the evolving alliance and fragmented world order will have profound impacts on investment methodologies and asset classification logic [10][20]. - Economic resilience is becoming a strategic priority for many countries, leading to diversification of industries and a focus on domestic production, which may increase inflation in the short to medium term [22].

一、调整《国务院关税税则委员会关于对原产于美国的进口商品加征关税的公告》（税委会公告2025年 第4号）规定的加征关税税率， 由34%调整为10%，在90天内暂停实施24%的对美加征关税税率。 今日（5月14日）12时01分起，我国对原产于美国的进口商品加征关税调整措施开始实施。 有关事项如 下： 二、停止实施 《国务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的公告》 （税 委会公告2025年第5号）和 《国务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的 公告》 （税委会公告2025年第6号）规定的加征关税措施。 一图看懂中美关税如何变化 商务部新闻发言人表示，此次中美经贸高层会谈取得实质性进展，大幅降低双边关税水平，美方取消了 共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的"对等关税"，中方也相应 暂停实施24%的反制关税。这一举措符合两国生产者和消费者的期待，也符合两国利益和世界共同利 益。希望美方以这次会谈为基础，与中方继续相向而行，彻底纠正单边加税的错误做法，不断加强互利 合作，维护中美经贸关系健康、稳定、可持续发展，共同为世界经济注入更多确 ...

Core Viewpoint - Microsoft announced a global layoff of approximately 6,000 employees, representing 3% of its total workforce, amidst significant investments in artificial intelligence [1][2] Group 1: Layoff Details - The layoffs will affect various levels, teams, and regions globally, starting on July 13 [1] - This is potentially the largest layoff since Microsoft cut 10,000 jobs in 2023, which included employees from the HoloLens division and other hardware projects [1] - Microsoft aims to reduce management layers as part of its organizational adjustments to better prepare for a dynamic market environment [1][6] Group 2: Financial Performance and AI Investment - Microsoft has been under pressure to control costs due to substantial investments in AI services and Azure cloud computing data centers [2] - The company's quarterly net profit reached $25.8 billion, exceeding expectations, and it provided an optimistic outlook for future quarters [8] - CEO Satya Nadella indicated that the non-AI portion of Azure's growth was below expectations, prompting adjustments in sales execution, while AI cloud business performance exceeded internal forecasts [5] Group 3: Industry Trends - Other tech giants like Meta and Amazon have also implemented layoffs, reflecting a broader trend in the industry to streamline operations while investing in AI [1][9] - Meta has laid off nearly a quarter of its workforce in recent years, while Amazon has cut 27,000 positions in two rounds of layoffs in 2023 [9][11] - Analysts suggest that these layoffs represent a balancing act in AI infrastructure spending, with expectations of continued workforce growth but at a slower pace due to efficiency improvements [11]