Core Viewpoint - The article highlights the rapid growth and market dominance of Yingshi Innovation (Insta360) in the panoramic camera sector, emphasizing its innovative approach and successful IPO journey amidst competitive challenges in the industry [3][28]. Group 1: Company Overview - Yingshi Innovation (688775.SH) has a market capitalization of 17 billion yuan and a subscription rate of 0.0355% for its IPO [3]. - The company is recognized as a leader in the panoramic camera market, holding a global market share of 81.7% in 2024, significantly outpacing competitors like Ricoh and GoPro [6][7]. - The company's revenue projections show substantial growth, with expected revenues of 20.41 billion yuan in 2022, 36.36 billion yuan in 2023, and 55.74 billion yuan in 2024 [11]. Group 2: Market Dynamics - The global panoramic camera market is projected to grow from 3.2 billion yuan in 2020 to 6.61 billion yuan by 2025, with China's market expanding from 680 million yuan to 1.39 billion yuan in the same period [9]. - The popularity of Vlogging and extreme sports among young consumers has driven demand for panoramic cameras, with innovative features attracting a dedicated user base [8][9]. Group 3: Competitive Landscape - Yingshi Innovation has expanded its product line to include action cameras and AI gimbals, targeting both consumer and professional markets [20]. - The company faces increasing competition from established players like DJI, which is entering the panoramic camera market with its own products [35][36]. - The international market contributes over 70% of Yingshi's revenue, highlighting the importance of global sales amidst domestic competition [29][32]. Group 4: IPO Journey - Yingshi Innovation's IPO process has faced multiple challenges since its initial application in October 2020, including regulatory scrutiny and compliance issues [22][24]. - After overcoming these hurdles, the company successfully listed on the STAR Market in February 2025, marking a significant milestone in its growth trajectory [27]. - The founder, Liu Jingkang, has emphasized the company's strong performance and contributions to the local economy during the IPO process, despite facing criticism for his approach [25][26].

文/曹萌 6月3日，以收盘价计算，国际金价年内已完成了22次刷新历史新高，而这一数据目前却仍定格在四 月中旬。 瞿瑞认为，一方面，当前，全球地缘政治风险常态化、经济贸易局势不确定性升高、美元信用弱化， 在此新形势下，国际金价有可能在相当长一段时间内易涨难跌。这意味着从控制成本角度出发暂停增 持黄金的必要性下降，而从优化国际储备结构以及避险角度增持黄金的需求上 升 。另一方面，我国 国 际 储 备 中 的 黄 金 储 备 占 比 偏 低 ， 截 至 2025 年 4 月 ， 我 国 官 方 国 际 储 备 资 产 中 黄 金 的 占 比 为 6.78%，明显低于15%左右的全球平均水平。央行增持黄金能够增强主权货币的信用，为推进人民 币国际化创造有利条件。 此外，夏莹莹也表示，自2024年11月我国央行恢复购金以来，月度购金量相较于2022年年底及 2023年时明显降低，这或与金价持续快速上涨有关。但在全球"去美元化"大背景下，美债偿债能力 下降，信用评级下滑，将推动我国央行延续当前增持黄金储备趋势。 （TACO原本是一种墨西哥的食物，脆皮卷饼。但文中TACO是Trump Always Chickens Out ...

Core Viewpoint - The article discusses the rapid growth of the pet-friendly accommodation market in China, driven by the increasing number of pet owners and their desire to travel with their pets, highlighting the evolving consumer behavior and market dynamics in the pet economy [3][5][10]. Market Growth and Trends - By 2024, the number of pet owners in urban China is expected to exceed 76 million, with pet ownership penetration rising from 13% in 2019 to 23.54% [5]. - The pet economy is projected to reach a market size of over 300 billion yuan in 2024, with the pet accommodation segment alone estimated to be around 10 billion yuan [5][10]. - The demand for pet-friendly hotels surged during the Dragon Boat Festival, with bookings for such accommodations increasing by over 20% year-on-year, and average room rates being nearly 30% higher than regular hotels [5][6]. Competitive Landscape - Major hotel chains like Marriott, Hilton, and InterContinental are increasingly offering pet-friendly services as a competitive differentiator, with some brands reporting a 23% year-on-year increase in pet-related bookings [7][8]. - The market is becoming more competitive with the entry of various players, including chain hotels, chain homestays, and small-scale inns, leading to a standardization of pricing models for pet-friendly services [8][11]. Consumer Behavior - Young consumers, particularly those born in the 1990s and 2000s, are driving the trend of traveling with pets, viewing them as emotional companions [5][8]. - A shift towards rational consumption is evident, with 36% of pet owners prioritizing cost-effective products and 38% focusing on practical features [10]. Challenges and Opportunities - The hotel industry is facing pressure with an average occupancy rate of 58.8% and a decline in average room prices, prompting a strategic pivot towards pet-friendly services to capture high-margin customer segments [7][9]. - Despite the growth potential, the market is also witnessing challenges from low-quality entrants that compromise service standards, which could harm the overall reputation of pet-friendly accommodations [11].

文/李悦 在全球经济格局正经历深度重构、不确定性 显著增强的当下，中国资本市场的估值优势正愈发成为 全球投资者瞩目的焦点。 当前， A股与港股估值水平已 滑落至历史相对低位区间 。 以沪深300指数为例， 其市盈率仅为 12.6倍 ， 这一数值 不足标普500 指数 的一半， 相较于 日经225指数、德国DAX指数等国际主要 股指，同样处于明显低位。 这 意味着在全球资本市场中，A股市场正以极具吸引力的价格，为投资者提供分享中国优质企业成 长红利的机会。 然而，从市场的实际情况来看，A股对外资的吸引力并未如预期般强劲。 据Wind数据，近三年外资持有A股数量虽呈增长趋势，但外资持股市值在流通A股市值和总股本市值 中的占比，均呈下降趋势。截至5月26日，外资持有A股数量合计1274.85亿股，持股市值达2.33万 亿元，占流通A股市值约2.95%，占总股本市值为2.33%。这一数值 与 中国作为世界 第二大经济 体的 庞大 体量形成巨大错位 ， 与A股估值洼地优势 更是 形成鲜明反差 。 数据来源：Wind 在关税战阴云未散的背景下， 中国资本市场该如何突围， 将估值洼地转化为全球资本的"价值锚点" ？ 围绕上 ...

图源： SuperCLUE 《中文大模型基准测评2025年5月报告》 安全双认证 ， 打造企业级AI的"可信底座" 除技术性能领先外，Nebula Coder-V6率先通过国家级权威安全认证，成为业内少数拥有"双安全 认证"的大模型产品 。 2025年，全球AI大模型竞赛进入白热化阶段。中文大模型测评基准SuperCLUE最新发布的 《中文 大模型基准测评2025年5月报告》 显示：中兴通讯自主研发的星云大模型Nebula Coder-V6在竞 争激烈的推理专项榜单中强势摘金， 总分并列第一 ，同时在综合总榜中斩获银牌（并列第二），彰 显了中兴通讯在AI核心赛道的前沿创新实力。 图源： SuperCLUE 《中文大模型基准测评2025年5月报告》 推理能力登顶 ， 数学与科学逻辑的"双优生" SuperCLUE推理榜单深度聚焦模型的逻辑思维与问题解决能力，涵盖数学推理、科学推理、代码生 成三大硬核维度。Nebula Coder-V6以总分67.4的优异成绩 登顶 ，其细分表现 也非常 亮眼：数 学推理 62.39分 ， 在全部测评模型中高居第三，超越OpenAI o4-mini、谷歌Gemini 2.5 Pr ...

以下文章来源于和讯商业 ，作者徐帅 商业世界的故事、逻辑、认知。由"和讯商业"团队出品。 最近，长城和比亚迪又隔空撕起来了。 这实在不是新鲜事，二者的口水战已经连更了不知道多少集，骂战的信息量和含金量也向来比较有 限，但此次，魏建军一句 "现在汽车产业里边的恒大已经存在了，只不过是没爆而已"，瞬间引爆舆 论。 实际上，如果看完整个采访过程，就会理解魏建军抛出 "汽车产业恒大论"的实质，是对激进扩张模 式潜在风险的警示。其担忧并非空穴来风，当企业过度依赖资本运作而非技术造血，沉迷市值管理而 忽视盈利质量，确实可能重蹈高杠杆扩张的覆辙。 但如果只看剪辑片段，很容易认为魏建军是在攻击比亚迪。毕竟打折促销、激进扩张等标签确实在比 亚迪和恒大身上都有出现。 不过，一家销量遥遥领先的新能源绝对巨头，竟被置于与恒大同等的审视框架下，寻找其 "爆雷"的 蛛丝马迹，这本身就折射出市场和舆论对其的不满与疑虑。 而这份疑虑，在 5 月 23 日比亚迪宣布 王朝网、海洋网共计 22 款智驾版车型加入降价阵营时，被推向了高潮。 这或许是一道分水岭，如果说在此之外，新能源产业需要比亚迪以凌厉的价格战重塑市场，给行业带 来更多可能性，那么 ...

文/高歌 李力是一家贸易企业的负责人，他的公司位于华南区域，主营业务是向美国等发达经济体市场出口消 费电子产品。不同于To B企业对于关税的敏感度，李力感觉关税摩擦对于他所在的公司影响有限。 5月23日，李力表示：" 关税 在我们的成本中只占一小部分 ， B端的模式是国外的人来这里大批量 采购货物，再分销给小B，关税提升会有一定的影响，我们是直接做C端的，影响不大。" 李力拆解了成本构成：运费、采购成本、关税以及美国当地的物流费用。其中关税并不占据绝大部 分。 目前关税价格尚未体现在产品的终端售价上，并且在可预期的未来，他所在的行业短时间内关 税提升的价格也不会显现在同类产品的价格之上，除非头部企业开始提价。 40天前，美所谓"对等关税"引发贸易震荡，美对华关税在短时间内接连攀升，一度高达145%。随 后中美日内瓦经贸会谈的落定为此轮关税摩擦摁下暂缓键。 5月12日公布的联合声明显示，美方承诺尽快取消4月8日和9日对华加征的91%非理性高额关税，同 时将34%所谓"对等关税"中24%的部分暂缓90天。 下一步中美经贸谈判迎来缓冲期。 李力在过去一个月的时间中在外贸一线亲历上述转变，他只觉得一切都"太快了"。他 ...

Core Viewpoint - China Pacific Insurance (CPIC) is expanding its high-quality elderly care community network, with the recent opening of the Suzhou International Elderly Care Community and the second phase of the Dali International Leisure Community, aiming to create a comprehensive elderly care ecosystem in China [1][7]. Group 1: Community Features - The Suzhou community integrates Jiangnan garden elements with professional medical care, offering a comprehensive range of services including medical care, rehabilitation, traditional Chinese medicine, and daily living assistance [3]. - The community has already signed contracts with 70 long-term residents and hosted nearly 2,000 insurance clients for tours during its trial operation [3]. - The Dali community has received over 60,000 overnight stays and more than 150,000 visitors since its first phase opened in October 2021, showcasing its appeal as a destination for elderly care [7]. Group 2: Addressing Aging Challenges - With the aging population in China, the number of dementia patients is rising, prompting the government to implement a national action plan for dementia care from 2024 to 2030 [5]. - CPIC has donated 500,000 yuan to support dementia care initiatives in Suzhou, including early screening and caregiver training [5]. - The Suzhou community features a dedicated "Le Yi Jia" area for dementia care, providing tailored support for different stages of cognitive decline [5]. Group 3: Cultural and Recreational Activities - The opening ceremony of the Suzhou community included a partnership with the Wu Culture Museum to promote cultural heritage, enhancing the experience for residents [7]. - The fourth customer service festival at CPIC's communities emphasizes tea culture, integrating it into the elderly care experience [9][12]. - A "Sunset Music Concert" featuring classical music was held to explore innovative approaches to high-quality elderly care, including music therapy for dementia patients [11]. Group 4: Future Plans and Market Strategy - CPIC aims to enhance its elderly care services across 15 communities in 13 cities, focusing on diverse product offerings and high-quality services to drive the "silver economy" [12]. - The company is committed to creating attractive new consumption scenarios in elderly care, responding to the growing demand for health, quality, and experience among the elderly population [7][12].

Core Viewpoint - The article discusses the strategic shift in the Middle East towards becoming a hub for AI development, driven by significant investments and partnerships with major American tech companies, amidst geopolitical tensions and changing market dynamics [2][14]. Group 1: Economic Cooperation and Investments - During Trump's Middle East visit, a focus on economic cooperation was emphasized, with commitments from Saudi Arabia, Qatar, and the UAE to invest heavily in AI, semiconductor, defense, and energy projects [1][2]. - Major agreements were signed, including a $600 billion deal involving Nvidia and AMD, aimed at enhancing AI capabilities in the region [1][7]. - The establishment of the AI company Humain in Saudi Arabia, backed by the Public Investment Fund, aims to provide various AI services and infrastructure, with a goal of building a 1.9 GW data center by 2030 [5][6]. Group 2: Geopolitical Context and Market Dynamics - The Middle East is becoming a strategic base for global enterprises, particularly as companies seek stable markets amid fluctuating U.S. trade policies [2][3]. - The U.S. government's recent policy changes have facilitated American companies' access to the Middle East, allowing for significant commercial agreements, particularly in AI chip sales [6][7]. Group 3: Competitive Landscape - Both U.S. and Chinese companies are vying for opportunities in the Middle East's AI sector, with Huawei and other Chinese firms establishing a presence in the region [3][9]. - Huawei has shifted its strategy to focus on AI solutions, while facing challenges from U.S. export controls targeting its AI chips [10][11]. - Chinese companies like Lenovo and DeepSeek are also making inroads, establishing manufacturing bases and partnerships to meet local demand [11][12]. Group 4: Energy and Infrastructure - The Middle East's abundant energy resources are crucial for supporting AI infrastructure, with countries like the UAE and Saudi Arabia investing heavily in renewable energy projects [13][14]. - The region's energy capabilities position it as a key player in the global AI landscape, attracting interest from major tech firms seeking to leverage these resources [12][14].

Core Viewpoint - The article highlights the participation of Wuliangye at the 20th China Western International Expo, showcasing its cross-industry integration and innovation in the liquor industry, emphasizing its development strategy of "strengthening liquor, optimizing non-liquor, and expanding platforms" [1][3][10]. Group 1: Event Overview - The 20th China Western International Expo was held in Chengdu from May 25 to 29, focusing on "deepening reform to increase momentum and expanding openness to promote development" [1]. - The expo serves as a significant platform for open cooperation in the western region, having been established in 2000 and successfully hosting 19 previous events [3]. Group 2: Wuliangye's Strategic Development - Wuliangye has evolved into a large state-owned enterprise group, with its core business in liquor and expansions into green packaging, machinery manufacturing, smart logistics, financial investment, and health industries [3][10]. - The company aims to create a win-win development model that integrates ecological, economic, and social aspects through its innovative practices [4][10]. Group 3: Exhibition Highlights - Wuliangye's exhibition showcased the entire industry chain from seed planting to liquor production, emphasizing its commitment to quality and innovation [6][9]. - The exhibition featured core products and demonstrated the traditional brewing techniques that have been passed down for over 700 years [9][10]. Group 4: Technological Innovation - Wuliangye has established multiple national and provincial innovation platforms, focusing on various aspects of the liquor production process, and has received numerous awards for technological advancements [9][11]. - The company is committed to continuous technological investment, enhancing its core liquor business and expanding its product and service range [11][12]. Group 5: Collaborative Partnerships - Wuliangye collaborates with various companies, such as Universal Group and Lichai Group, to enhance packaging and logistics, thereby improving the overall quality and efficiency of its operations [12][15][18]. - The logistics partner, Anji Logistics Group, has been instrumental in providing customized solutions for efficient and green management of the liquor supply chain [18].