《华尔街日报》近期刊发了一篇深度分析文章，探讨了特朗普政府与美联储之间日益激化的冲突。 华尔街日报资深市场专栏作家James Mackintosh在文章中详细剖析了白宫对美联储主席鲍威尔施压降息的策略及其可能产生的适得其反效果。 Mackintosh通过对市场数据和政策机制的深入分析，揭示了一个看似矛盾的现象： 特朗普越是公开施压美联储，反而越难达成其降息目标 。文章认为 ， 这场 争端本质上反映了制度独立性与民粹主义之间的根本分歧。 据Mackintosh统计，在特朗普呼吁降息3个百分点的第二天，纽约联储衡量的10年期期限溢价升至0.84个百分点，高于他在4月份类似攻击后回落时的0.6个百 分点，更远高于去年选举前一个月的零水平。 Mackintosh指出，特朗普近几周来加大了对鲍威尔的攻击力度，希望推动美联储降息。然而，文章称，" 他喊得越响，越不可能得到他真正想要的：更低的政 府借贷成本和更便宜的抵押贷款。 "这种施压策略可能正在破坏投资者信心，推高长期债券收益率。 文章强调，这场冲突的核心在于两种截然不同的治理理念碰撞。特朗普的观点体现了"人民的声音就是上帝的声音"这一民粹主义理念，而美联储则恰恰相反 ...

全球股市今年呈现出惊人的上涨势头，尽管面临贸易争端、地缘政治风险和全球经济增长前景下滑等多重挑战。推动这一轮市场狂欢的，不再仅仅是传统意义 上的"贪婪"，而是投资者对人工智能革命可能带来的变革性机遇的"错失恐惧"(FOMO)。 英国《金融时报》资深专栏作家John Plender在最新文章中指出，当前市场状态几近"漂浮"，美国股市市值占GDP比率已达历史新高，即使是落后于美国的英 国市场，富时100指数也创下了历史新高。投资者对各类风险的反应越来越平淡，似乎已经习惯了特朗普的关税威胁。 文章认为，这 种市场的非理性繁荣背后，是对人工智能将彻底改变劳动力市场、资本运作方式，甚至重新定义"人类"的广泛预期，投资者认为这将为企业利润 和股市估值提供难以想象的动力。他警告，这些现象与历史上多次泡沫前夕的"非凡的大众幻觉与群体疯狂"惊人地相似。 Plender指出，更令人担忧的是，特殊目的收购公司(SPAC)现象也在蔓延，这些公司通过首次公开募股筹集资金，目的是收购未指定的现有上市公司。特朗普 的媒体公司就是通过这种繁荣时期的SPAC捷径上市的。 "错失恐惧"取代"贪婪"成为市场主导情绪 文章写道，尽管经济教科书中的有 ...

Core Viewpoint - The article discusses the ongoing controversy surrounding the Federal Reserve's renovation project, highlighting President Trump's direct engagement with Fed Chair Jerome Powell regarding high costs and his insistence on interest rate cuts [1][2][3]. Group 1: Renovation Costs and Political Pressure - Trump visited the Federal Reserve headquarters and presented documents claiming the renovation costs exceeded $3.1 billion, which Powell disputed, stating that Trump included costs from a different building [2][5]. - Trump expressed his dissatisfaction with the renovation costs and repeatedly urged Powell to lower interest rates during the visit [3][4]. - The renovation project has become a political tool for Trump to criticize Powell and exert pressure for rate cuts, with some officials suggesting Powell should resign [16][21]. Group 2: Federal Reserve's Response and Public Perception - The Federal Reserve has invited media to tour the renovation site, showcasing the project and addressing concerns about costs, which include security upgrades to meet safety standards [11][12]. - The visit by Trump is seen as a rare event that raises concerns about the independence of the Federal Reserve, as it reflects a shift in the relationship between the White House and the central bank [13][14]. - Analysts suggest that the renovation controversy has shifted the public discourse from policy debates to a more sensational narrative, potentially undermining Powell's credibility [8][9]. Group 3: Broader Political Context - Trump's focus on the renovation project serves to resonate with his supporters' anti-establishment sentiments and distract from other controversies, such as the Epstein case [9][10]. - The article notes that Trump's administration has been pressuring Powell for months to cut rates, with various officials publicly criticizing him [15][21]. - The ongoing scrutiny of the renovation project has led to calls for investigations and further transparency regarding the Federal Reserve's operations [16][22].

Group 1 - The core viewpoint of the article is that the success of LABUBU is a result of over a decade of continuous IP operation by the company [1] - The company aims to become a world-class Chinese consumer brand, aspiring to be the "Bubble Mart of the world" rather than just "China's Disney" [1] - There is interest from major film companies, including Hollywood, in producing a movie based on LABUBU, and the company is considering whether to produce it independently or collaborate with Hollywood [1] Group 2 - Bubble Mart has several well-known toy IPs, including MOLLY, DIMOO, and Starry People, in addition to LABUBU [1]

2 005 年 7 月 5 日 ， 国内 首个银行系基金公司工银瑞信基金在北京举行了开业仪式，朴素而 热 烈 的场面，一如工银瑞信日后给人的印象 " 勤奋 " 而 " 实干 " 。 此后，以工银瑞信成立为开端，几个月之内，国有大型银行悉数成立直接控股的公募基金公司。银行 系基金的加入，为中国机构投资者注入新鲜血液，也将稳健经营理念进一步植入资管行业。 革故鼎新 的股权分置改革也 在工银瑞信成立 后一个月内全面铺开。伴随着非流通股的全面转流通， 阻碍 中国 资本市场健康发展 的 一个关键 制度性瓶颈也获得解决。至此股权分置、券商救助、专业 机构投资者，那些世纪初以来困扰中国资本市场的 重要 问题都在这一两个月内有了眉目。 如今回看，工银瑞信的成立，或许只是这个关键历史时刻的重要事件之一，但它在此间扮演的角色、 见证的历史又远不止于一个基金公司成立那么简单。 此后， 中国股市从股权分置的少年期逐步成长为全球第二大资本市场，中国基民从 几百万 户增长到 上亿人，公募基金从投资市场的一隅逐渐成为大众理财的核心标的之一。 而作为参与者的工银瑞 信，也 从 公募 "尝鲜者"成长为 全球资管百强 。 " 八倍基 "长子：从 ...

Core Viewpoint - Tesla reported its most disappointing quarterly results in years, with a revenue decline of 12% year-over-year, marking the largest single-quarter drop since 2012, slightly exceeding analyst expectations of an 11% decline [1][2]. Financial Performance - Revenue: In Q2, Tesla's revenue was $22.5 billion, down 12% year-over-year, compared to a 9% decline in Q1 [7]. - EPS: The adjusted non-GAAP earnings per share (EPS) for Q2 was $0.40, a 23% decrease year-over-year, with analysts expecting $0.42 [8]. - Operating Profit: The operating profit for Q2 was $923 million, down 42% year-over-year, with an expected $1.23 billion from analysts [9]. - Net Profit: The adjusted net profit for Q2 was $1.393 billion, down 23% year-over-year, compared to a 39% decline in Q1 [10]. - Capital Expenditure: Capital expenditure in Q2 was $2.394 billion, a 5% increase year-over-year, with analysts expecting $2.43 billion [11]. - Free Cash Flow: Free cash flow for Q2 was $146 million, down 89% year-over-year, with an expected $760 million from analysts [12]. Business Segment Performance - Automotive: Q2 automotive revenue was $16.661 billion, down 16% year-over-year, with a gross margin of 15% excluding regulatory credits [13]. - Energy: Energy generation and storage revenue in Q2 was $2.789 billion, down 7% year-over-year, following a 67% increase in Q1 [14]. Strategic Initiatives - RoboTaxi Expansion: Tesla successfully launched its first RoboTaxi service in Austin, aiming to cover half of the U.S. population by the end of the year, with significant expansion planned [15]. - Policy Challenges: The CFO warned that changes in EV tax credits and tariffs could lead to increased costs of approximately $300 million per quarter, impacting the automotive business significantly [16]. - FSD Adoption: The adoption rate of Full Self-Driving (FSD) has increased by 25% since the launch of version 12, with FSD-equipped vehicles being ten times safer than those without [17]. - Optimus Robot Production: The design for the third version of the Optimus humanoid robot is nearly complete, with a goal of producing one million units annually within five years [18][19]. Energy Business Growth - Despite challenges, Tesla's energy business achieved its highest gross profit to date in Q2, driven by increasing demand for energy storage solutions [22].

美国总统特朗普周三在华盛顿AI峰会上透露，他曾考虑拆分英伟达以增加人工智能芯片市场竞争，但后来发现"这做起来不容易"。 据报道，特朗普表示，助手们告诉他拆分英伟达"非常困难"，因为该公司在AI芯片领域拥有明显领先优势，其他竞争对手要追赶上需要数年时间。随后特朗普 又对现场的英伟达CEO黄仁勋表示赞赏，称赞其工作成就。 特朗普当天签署三项行政命令，并发布《AI行动计划》，强调美国将"不惜一切代价"在人工智能领域引领全球。此次"AI行动计划"的核心目标是确保美国在人工 智能领域保持主导地位，并为美国企业提供一个能够快速增长和扩张的环境。 特朗普强调，美国必须在人工智能问题上观察所有其他国家的制度。同时，AI竞赛将需要包括硅谷在内的"爱国主义"，美国科技公司需要将美国放在第一位 （美国优先）。 多位科技行业领袖出席了由"All-In播客"与"Hill & Valley论坛"联合举办的活动，共同见证这一计划的发布。到场嘉宾包括英伟达首席执行官黄仁勋、AMD首席执 行官苏姿丰等科技巨头。 曾考虑分拆英伟达 特朗普在讲话中透露，他曾考虑拆分英伟达，以增加人工智能芯片领域的市场竞争，但后来发现"这做起来不容易"。 "我当时 ...

Core Viewpoint - A new retail force from China is quietly rising in the Southeast Asian market, with brands like KKV and Pop Mart gaining popularity among young consumers [1][4][20]. Group 1: Expansion Strategy - KKV has opened over 50 stores in five Southeast Asian countries, including Singapore, Vietnam, the Philippines, Thailand, and Malaysia, positioning itself as a pioneer in overseas expansion [4][16]. - The company plans to open 19 new stores in 2024 across four countries, with a target of nearly 50 stores by mid-2025 and over 150 stores by 2025 [18][16]. - KKV employs a "high-profile" market entry strategy, focusing on prime locations in major shopping districts to attract young consumers [17][23]. Group 2: Market Reception - KKV's flagship store in Singapore has attracted significant attention, with long queues of local youth eager to experience the brand [2][8]. - The brand's products, including beauty, snacks, and fashion accessories, have gained popularity on social media, with over 20 million views for its store openings [10][11]. - Local influencers and consumers are actively sharing their shopping experiences, contributing to KKV's strong sales performance [11][24]. Group 3: Brand Collaboration and Support - KKV is facilitating the entry of various Chinese brands into Southeast Asia, providing support in logistics, certification, and market entry strategies [26][27]. - Brands like Banmu Huatian have successfully entered the Southeast Asian market through KKV, achieving sales that exceed domestic counterparts by 20% [24][28]. - KKV's model is seen as a potential new paradigm for the internationalization of Chinese brands, enabling collective overseas expansion [28]. Group 4: Local Adaptation and Data Utilization - KKV adapts its product offerings based on local consumer preferences, utilizing data analytics for rapid iteration and optimization [46][47]. - The company has established partnerships with local retail giants, enhancing its market presence and operational efficiency [45][46]. - KKV's approach includes a focus on creating engaging shopping experiences that resonate with local youth, leveraging social media for brand visibility [30][29]. Group 5: Future Outlook - KKV aims to expand its store network significantly, with projections of reaching 1,000 overseas stores by 2027-2028, contributing to a substantial portion of the group's revenue [42][37]. - The company's success in Southeast Asia is expected to pave the way for further international expansion into markets like the Middle East and Europe [37][48]. - KKV's growth strategy reflects a broader trend among Chinese brands recognizing the importance of international markets for long-term growth [48].

周三，特朗普政府发布了《AI行动计划》，旨在通过放宽监管和扩大数据中心能源供应，来加速美国人工智能的发展，并在新发布的指导方针中建议，暂停对 那些对新兴技术施加过多规定的州的资金支持。 《AI行动计划》建议改革许可审批流程、简化环境标准，以加快与AI相关的基础设施项目进程。该蓝图还旨在使美国技术成为全球AI的基础。 这份长达23页的计划由特朗普在今年1月上任后不久下令制定， 标志着这届美国政府在人工智能这一可能重塑全球经济的技术领域出台的最重要政策指令。 该蓝图体现了特朗普竞选期间承诺将美国定位为全球AI领导者的承诺，同时废除了拜登政府对AI监管过于严格的政策框架： 特朗普将在周三签署若干行政命令，以推动其AI计划的内容。预计的指令包括：利用美国国际开发金融公司（DFC）和进出口银行，支持美国技术在全球范围 内的部署；另一项命令将要求政府采购的所有大型语言模型必须保持中立、无偏见。 美国国务卿鲁比奥在一份声明中表示： 拜登政府2023年发布了一项命令，该命令曾要求进行广泛的安全测试并强制主要AI开发商发布透明度报告。特朗普则要求制定一条新的AI政策路径，并给白 宫AI事务负责人David Sacks设定了六个 ...

Core Viewpoint - The article discusses the strategic meeting between NVIDIA's CEO Jensen Huang and MiniMax's founder Yan Junjie, highlighting MiniMax's potential as a leading player in the AGI (Artificial General Intelligence) space and its upcoming IPO prospects [1][2]. Group 1: MiniMax's Strategic Direction - MiniMax's strategic focus is on AGI, positioning itself in the foundational infrastructure of general artificial intelligence [3][4]. - The company has been an early mover in the large model and multimodal technology space, distinguishing itself from competitors focused on traditional AI applications [5][6]. Group 2: Business Model and User Engagement - MiniMax's Talkie product has successfully tapped into the emotional companionship market, with projections of over 100 million global users and 11 million monthly active users by 2025 [7]. - The product's design fosters high user engagement through frequent interactions, creating a feedback loop that enhances model optimization [8]. Group 3: Company Values and Management Philosophy - MiniMax emphasizes long-termism, focusing on foundational model development rather than immediate monetization [11]. - The company prioritizes technical excellence, with a management team composed of experts from top research institutions, ensuring a strong technical foundation [12]. - The philosophy of "AI is to understand people, not replace them" reflects MiniMax's commitment to user-centric product development and regulatory compliance [10][12]. Group 4: IPO Expectations - MiniMax has reportedly submitted an IPO application to the Hong Kong Stock Exchange, aiming for a valuation between $4 billion and $5 billion, with plans to raise approximately $5 to $6.4 billion [13]. - The company’s strong technical background and product-technology integration suggest a promising future, but its ability to build a global brand remains a challenge [14][16].