5月15日，外交部发言人林剑主持例行记者会。有记者就中方在中阿论坛第四届部长级会议期间，宣布对 巴西等5国实行免签政策一事提问。 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。 对此，林剑表示，为进一步便利中外人员往来，中方决定扩大免签国家范围。自2025年6月1日起至2026 年5月31日，对巴西、阿根廷、智利、秘鲁、乌拉圭持普通护照人员实行免签政策，上述五国持普通护照 人员来华经商、旅游观光、探亲访友、交流访问、过境不超过30天，可免办签证入境。 林剑指出，中方将坚持高水平对外开放，出台更多措施，不断提升中外人员往来便利化的水平。我们也 欢迎更多外国朋友们用好来华免签和签证便利化政策，多到中国走一走，看一看，体验多彩绚烂、热情 活力的中国。 来源：央视新闻 ⭐星标华尔街见闻，好内容不错过 ⭐ 觉得好看，请点"在看" ...

5月15日，WTI原油日内跌幅超3%，报60.7美元/桶；布油跌超3%。 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 ⭐ ...

医药股遭遇"至暗时刻"。 根据高盛欧洲医药专家Seth James的分析，当前医药股的交易表现宛如"ESG时代巅峰时期的能源股 ——仿佛正在消亡"。 数据显示， 该板块相对市盈率已降至自全球金融危机复苏期和新冠疫情高峰期以来的最低水平；相对 标普500指数的估值已降至历史新低，创下有记录以来的最大折价。 标普医疗保健行业指数基金表现逊于标普大盘，差距为24年来最大。 高盛数据显示，从市场定位来看，欧盟医药板块多空比率接近5年低点，而美国市场在空头方面甚至更 加极端——这种极端定位通常为反弹奠定基础。 然而，仍有多重政策不确定性仍继续笼罩医药板块。 分析指出，除了潜在的关税政策、特朗普要求高价处方药必须"对齐"降价的计划之外，美国CMS(医疗保 险与医疗补助服务中心)最新指导草案新增关于固定组合的段落，也引发了投资者担忧某些原为静脉注 射药物的皮下注射剂型可能比预期更早纳入IRA价格谈判。 高盛分析师Asad Haider指出，上述因素尽管可能最终成为"大妥协"的一部分，但目前仍是压制整个行 业的阴云。 推荐阅读： 巴菲特解释"退休"决定：开始偶尔失去平衡，有时甚至记不起一个人的名字。突然间，读的报纸看起来 就 ...

娃哈哈就纯净水委托代工相关情况发布声明。 5月15日，娃哈哈发布声明称，公司和今麦郎确存在委托代工关系，代工期间娃哈哈自查发现个别批次纯 净水产品未通过出厂抽样检测。自2025年4月起，已终止与相关代工方的合作。 ⭐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。 觉得好看，请点"在看" 娃哈哈表示，目前市场上在售的娃哈哈纯净水均符合国家质量标准及公司产品质量管理标准，请消费者 放心选购。未来，娃哈哈将始终坚持自有生产模式，通过更严苛的质量管控体系，全方位保障消费者的 权益，为大家提供更优质、更安全的产品。 此前，有网友发现，娃哈哈纯净水的生产商是今麦郎，同样是24瓶的纯净水，娃哈哈卖29元，而今麦郎 只要19元，引发网友讨论。 来源：澎湃新闻 记者吴雨欣 ...

Core Viewpoint - Tencent has entered a new expansion phase driven by AI, as evidenced by its strong Q1 2025 performance, with revenue reaching 1800.2 billion yuan, a 13% year-on-year increase, and Non-IFRS net profit of 613.29 billion yuan, up 22% year-on-year [1][11]. Financial Performance - In Q1 2025, Tencent's capital expenditure reached 274.8 billion yuan, a 91% increase year-on-year, accounting for 15% of revenue [2]. - General and administrative expenses grew by 36% to 336 billion yuan, primarily due to increased R&D spending related to AI [2]. - Sales and marketing expenses rose by 4% to 79 billion yuan, despite reduced advertising spending for new game releases [3]. Workforce Expansion - As of the end of Q1 2025, Tencent's workforce increased by 4,627 employees, bringing the total to 109,414 [4]. AI Investment Strategy - Tencent plans to increase capital expenditure further in 2025, focusing on self-developed AI models and accelerating AI application development across its business groups [5]. - The company announced a significant employment initiative, aiming to add 28,000 internship positions over three years, with 10,000 new hires in 2025, primarily targeting technical talent [5][6]. AI Impact on Core Business - AI capabilities have already contributed significantly to Tencent's advertising and gaming sectors, with gaming revenue growing 24% year-on-year to 429 billion yuan in Q1 2025 [6]. - Advertising revenue also saw a 20% increase to 319 billion yuan, benefiting from AI upgrades and improved user engagement [7]. Strategic Product Development - The AI-native app "Yuanbao" is central to Tencent's strategy for capturing the next generation of traffic, with efforts to enhance its integration within the WeChat ecosystem [8]. - WeChat e-commerce is viewed as a key growth driver, with the establishment of a dedicated e-commerce division to explore new transaction models and enhance the trading ecosystem [9][10]. Market Outlook - Analysts are optimistic about Tencent's AI-driven product innovations and their potential to enhance user experience and open new commercial opportunities, projecting a target price of 544-604.45 HKD for 2025 [11].

Core Viewpoint - Trump's Middle East trip is characterized by extravagant investment promises from Saudi Arabia and Qatar, with figures reaching up to $1 trillion and $1.2 trillion respectively, raising questions about the feasibility of these commitments [1][2][3]. Group 1: Investment Commitments - Saudi Crown Prince Salman initially promised $600 billion in investments over four years, but Trump suggested this could reach $1 trillion, which is nearly equivalent to Saudi Arabia's GDP of just over $1 trillion [1][3]. - In Qatar, Trump secured agreements aimed at facilitating economic exchanges valued at at least $1.2 trillion, including a $200 billion deal for Qatar Airways to purchase 160 Boeing commercial aircraft [1][2]. Group 2: Economic Reality - The economic capabilities of Gulf countries do not align with the promised investment figures, as Saudi Arabia's GDP is slightly above $1 trillion and Qatar's GDP is only around $200 billion, making the $1.2 trillion figure appear unrealistic [2][6]. - The fluctuation of oil prices poses a significant risk to these commitments, with Saudi Arabia needing oil prices to remain around $96 per barrel to maintain fiscal balance, while current prices are approximately $60 [5][7]. Group 3: Strategic Goals of Gulf Countries - Saudi Arabia seeks security assurances from the U.S. and aims to collaborate on civilian nuclear programs, despite concerns over nuclear proliferation [8]. - The UAE views investment as a core strategy to deepen ties with the U.S., having announced a $1.4 trillion investment plan focused on AI, semiconductors, manufacturing, and energy [8]. - Qatar has established a formal security partnership with the U.S., hosting the largest U.S. military base in the Middle East, and aims to enhance its geopolitical value through mediation in regional conflicts [9].

Core Viewpoint - The article discusses the implications of a meeting between South Korean and U.S. officials regarding the exchange rate of the Korean won against the U.S. dollar, suggesting potential shifts in currency policy that could lead to a weaker dollar and stronger won [1][2][6]. Group 1: Meeting Details - South Korean Deputy Finance Minister Choi Ji-young met with U.S. Assistant Secretary of the Treasury Robert Kaproth on May 5 during the 58th Asian Development Bank annual meeting in Milan to discuss the dollar-won market [1]. - The meeting has sparked market speculation that the Trump administration may prioritize currency issues in upcoming trade negotiations [2]. Group 2: Market Reactions - Following the news of the meeting, the U.S. dollar fell, with the dollar-won exchange rate dropping 1.92% to 1396.77, marking a one-week low [3]. - The Korean won has appreciated approximately 5% against the dollar this year amid a generally weak dollar environment [3]. Group 3: Currency Strategy Insights - Analysts suggest that the discussions between the U.S. and South Korea may indicate a shift in focus from trade to currency, potentially threatening the dollar's stability [7]. - There are concerns that the Trump administration may implement policies encouraging countries to sell dollars to address perceived economic imbalances caused by strong currencies [7][8]. Group 4: Broader Implications - The meeting reinforces previous comments by the Bank of Korea Governor Lee Chang-yong, who indicated that the rise of Asian currencies, including the won, is partly due to U.S. pressure for currency appreciation [8]. - Analysts believe that the discussions could act as a catalyst for further dollar selling, as they may lead to speculation about the inclusion of currency policy in bilateral trade negotiations [7].

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 ...