作者 | 谭保罗 编辑 | 江江 值班编辑｜ 宝珠 视觉 | 顾芗 2025年以来，来自特朗普政府的"政策冲击波"，给国际金融市场带来了前所未有的影响。有人认为，美 元国际货币的地位将受到挑战，黄金、比特币等替代品，将对美元形成越来越强的替代效应。 数据似乎也在佐证这一点。拉长时间线，从2023年初到2025年5月，黄金已从刚刚超过1800美元每盎司 涨到了3300美元以上，涨幅超过80%。比特币也重拾涨势，但它远远没有得到黄金那样的全球认可度， 并非真正的法定货币，加上投机属性过重，因此不予讨论。 实际上，除了黄金等替代品之外，另一种创立之初便有挑战美元雄心的替代品，同样值得关注。它就是 欧元。 这个国家，果断放弃货币主权 差不多和黄金这一轮涨价的时间通道（始于2023年至今）重合，欧元区发生了两件大事。 一是欧元区版图再次扩张。2023年，克罗地亚正式加入欧元区，全国以欧元为法定货币，成为第20个采 用欧元货币的国家。克罗地亚不到400万人口，其加入就欧元区的体量而言，无太大影响。但作为一个 相对欠发达的国家，能加入欧元区，无疑说明了欧元区主导大国如德国、法国和意大利等，推动欧 元"做大做强"的决心愈发坚 ...

作者 | 闰然 编辑 | 江江 新媒体编辑｜ 宝珠 视觉 | 顾芗 巨头的商战总是很精彩。在外卖平台"激进补贴"的价格竞争下，许多人都开始抱怨自己"长胖了"——饭 也不做了，每天游走在三大平台忙着选外卖，冰箱里囤满了饮料，吃不完就冻起来。 毕竟，人生难得遇到几回商战，回想上一轮的外卖大战已经是十年前了。 2015年的外卖大战中，饿了么、美团外卖、百度外卖骑手正在商家出餐口等待取餐 "可恶的外卖商战，伤害的居然是我的身材"，大家一边在网上抱怨，一边详细询问怎么才能获得更优惠 的券。 面对京东的入局，2025年5月26日，在业绩电话会上，美团董事长兼首席执行官王兴高调应战，"我们会 不惜一切代价赢得这场竞争"。 又要有更强劲的补贴了？美团最终会赢得胜利吗？ 我们每天要点多少外卖？ 最新数据显示，京东外卖日单量已突破2000万。淘宝闪购联姻饿了么后，日均4000万订单的规模优势也 显现出来，而美团此前的数据显示日均能达到6000万单以上。 数据惊人，这场游戏的胜者，的确是非常有价值的。 业绩会上，王兴罕见地发表长篇大论称，我们准备不惜一切代价赢得这场战斗，并巩固我们的市场领导 地位。 此举被外界解读为，美团将不惜一 ...

Core Viewpoint - The gaming industry in Guangzhou is experiencing significant growth, with total revenue projected to reach approximately 140.67 billion yuan in 2024, marking a year-on-year increase of about 10.5% and accounting for 43.17% of the national gaming revenue [2][26]. Group 1: Industry Overview - The gaming industry in Guangzhou is the largest in China, with over 25% of the national workforce in this sector [2]. - Guangzhou has 28 companies listed in the top 100 Chinese mini-game enterprises, the highest number in the country [2][26]. - The gaming industry is recognized for its explosive growth potential, having surpassed the combined revenues of the music and film industries globally as early as 2018 [18]. Group 2: Company Spotlight - Kuro Technology - Kuro Technology, known for its game "Ningchao," has taken a unique approach by launching a globally synchronized version of the game, a strategy not commonly adopted even by larger companies [6][11]. - The development of "Ningchao" involved over three years of research and development with costs exceeding several hundred million yuan, showcasing a high-risk, high-reward strategy [11][12]. - The game achieved over 30 million global pre-registrations and ranked highly on iOS download charts in 107 countries upon its release [11][12]. Group 3: Policy and Future Development - Guangdong province has introduced targeted policies to enhance the gaming and e-sports industry, focusing on cultural empowerment and technological innovation [28][29]. - The gaming industry is seen as a vital part of the cultural economy, with Guangzhou's cultural industry revenue reaching 604.1 billion yuan in 2024, a 4% increase year-on-year [29]. - The establishment of the "Game Valley" in the Greater Bay Area aims to create a comprehensive gaming production ecosystem, integrating research, development, and distribution [23][27].

Core Viewpoint - Wang Shi, the founder of Vanke, is attempting to establish smooth communication with the decision-making team of Vanke to ensure a stable transition and protect the interests of investors, partners, and employees [2] Group 1: Leadership Transition - Wang Shi has officially stepped down and passed the baton to Yu Liang, marking a significant leadership change after 33 years of contribution to the company [5] - Wang Shi is now the honorary chairman of the board and does not participate in company governance, focusing instead on social responsibilities such as education and climate initiatives [5] - Despite stepping back from management, Wang Shi has chosen to forgo his substantial retirement compensation in light of the company's liquidity challenges [5][6] Group 2: Financial Performance and Strategy - Vanke's management team has been adjusted due to significant projected losses for 2024, with a focus on enhancing operational management to mitigate risks and protect stakeholders [6] - In Q1, Vanke reported nearly 38 billion in revenue and over 35 billion in sales, achieving a repayment rate exceeding 100% and delivering over 10,000 high-quality homes [6] - The company has seen strong sales performance in various regions, with new residential products achieving high sales rates, and its long-term rental business leading the industry in scale and efficiency [6]

Core Viewpoint - The article discusses the evolution of Chinese companies in the global market, particularly focusing on the advancements of Baidu's autonomous driving unit, Apollo, and its international expansion, marking a shift from being followers to leaders in technology and standards [5][10][21]. Group 1: Historical Context - In the 1980s, China began its journey in shipbuilding with the "Great Wall" ship, marking its first export under challenging conditions [4][5]. - The initial phase of Chinese companies' internationalization was characterized by low-value, labor-intensive products [11]. Group 2: Current Developments in Autonomous Driving - Baidu's Apollo has made significant strides in autonomous driving, with the launch of the sixth generation of Robotaxi, which has reduced costs significantly [18][22]. - The company has successfully tested its autonomous vehicles in various challenging environments, including Hong Kong and Switzerland, enhancing its credibility and technological standards [8][10][19]. Group 3: Global Expansion Strategy - Apollo's international strategy includes partnerships in regions like Dubai and Switzerland, aiming to create a diverse data ecosystem for technology validation [8][10][24]. - The company is leveraging its global presence to gather complex road data, which is crucial for refining its AI algorithms and enhancing the safety of its autonomous vehicles [23][26]. Group 4: Competitive Landscape and Challenges - The article highlights the geopolitical challenges faced by Chinese tech companies, particularly in light of U.S. restrictions on technology and trade [21][22]. - Despite these challenges, Apollo's global expansion is seen as a strategic move to establish a foothold in the international market and redefine the competitive landscape [24]. Group 5: Future Outlook - The potential market for Robotaxi is projected to reach $10 trillion by 2030, with significant implications for the logistics and transportation sectors [19]. - The ongoing advancements in autonomous driving technology and the establishment of a robust data ecosystem are expected to drive further growth and innovation in the industry [19][23].

Core Viewpoint - The article discusses the success of the mobile game "Endless Winter," developed by Point Interactive, which has outperformed major competitors in the mobile gaming industry, achieving significant revenue milestones and user engagement metrics [4][6][34]. Group 1: Game Performance and Revenue - "Endless Winter" has generated a total revenue of $2.25 billion (over 160 billion RMB) globally since its launch, making it one of the fastest mobile games to surpass $2 billion in revenue within five years [5][34]. - The game ranked first in the overseas revenue chart for Chinese mobile games, surpassing established titles from companies like MiHoYo, Tencent, and NetEase [4][34]. - In April 2025, the iOS version of "Endless Winter" achieved a monthly revenue of 380 million RMB, maintaining its position as the top-grossing mobile game in the overseas market [34]. Group 2: Marketing and User Acquisition Strategies - The game employs aggressive advertising strategies, frequently appearing in casual games and short video platforms to capture potential users during their fragmented time [10][11]. - Point Interactive has invested heavily in user acquisition, with marketing expenses reaching 7.46 billion RMB in 2024, a significant increase from 3.37 billion RMB in 2023 [21][36]. - The game utilizes a dual approach of offering players the option to either spend money or watch ads, effectively drawing in users from casual gaming backgrounds [8][10]. Group 3: Game Mechanics and User Engagement - "Endless Winter" initially presents itself as a casual simulation game but transitions into a strategy game (SLG) as players progress, which has led to high user retention rates [27][28]. - The game has a monthly retention rate of 8%, exceeding the typical 3.2% for SLG games, attributed to the time investment required for town building and social features [28][34]. - Players often feel compelled to spend money to remain competitive, leading to perceptions of the game being "pay-to-win" [38]. Group 4: Financial Impact on Parent Company - The parent company, Century Huatong, reported a record revenue of 22.62 billion RMB in 2024, a 70.27% increase year-over-year, largely driven by the success of "Endless Winter" [35][36]. - Point Interactive's revenue for 2024 was approximately 15 billion RMB, contributing 70% to the overall revenue of Century Huatong [36][37]. - The success of "Endless Winter" has positioned Point Interactive among the top 50 global mobile app publishers, ranking 19th in 2024 [34].

本文转载自证劵时报 值班编辑 | 宝珠 视觉 | 诺言 作为知名商业地产开发商，万达集团的一举一动备受关注。 5月26日，"王健林再卖48座万达广场"话题再次冲上热搜。 据国家市场监管总局近日披露的信息，太盟（珠海）管理咨询合伙企业（有限合伙）（以下简称"太盟 投资集团"）、高和丰德（北京）企业管理服务有限公司、腾讯控股有限公司、北京市潘达商业管理有 限公司、阳光人寿保险股份有限公司直接或通过其各自关联方共同设立合营企业，并通过合营企业收购 大连万达商业管理集团股份有限公司（以下简称"大连万达"）直接或间接持有的48家目标公司的100%股 权。 三十六十六日 键输入复造询的内容 Q) tion for Market Regulation ♡ 服务 = 互动 国 新闻 le 政务 8= 专题 份 首页 品 机构 你的位置:直页>专题>强化反盗新执法 2025年5月5日—5月11日 无条件批准经营者集中案件列表 c & @ 发布时间:2025-05-20 08:28 信息来源:反盗断执法二司 序号 案件名称 参与集中的经营者 审结时间 太盟(珠海) 管理咨询合伙企业(有限合伙) 高和丰德(北京) 企业管理服务有限 ...

Core Viewpoint - The article discusses the current challenges faced by Crocs, the original brand of "croc" shoes, as it experiences a decline in revenue growth and increasing competition from cheaper alternatives in the market [8][25][29]. Group 1: Market Performance - Crocs reported a revenue of $937.33 million for Q1 2025, showing a slight decrease of 0.14% year-over-year [8][9]. - The revenue growth rates from 2021 to 2024 were significantly high at 66.92%, 53.67%, 11.46%, and 3.53%, indicating a clear downward trend in growth [8]. - The brand's unique selling proposition, including comfort and patented materials, is being challenged by the influx of cheaper alternatives [14][20]. Group 2: Consumer Behavior - Consumers are increasingly opting for lower-priced alternatives, with many finding similar styles for as low as 30 yuan, which diminishes the perceived value of Crocs [20][24]. - The trend of "ugly can be beautiful" has contributed to the popularity of Crocs, but the brand's identity is not strongly associated with a lifestyle or identity among Chinese consumers [11][30]. - The seasonal nature of Crocs as a summer product limits its market potential in regions with colder climates, affecting overall sales [32][36]. Group 3: Competitive Landscape - The market is seeing a rise in various brands offering similar "croc" styles, including collaborations and lower-priced options from brands like Li Ning and Skechers [20][21]. - The competition is intensified by the emergence of online platforms where consumers can find cheaper alternatives, leading to a shift in consumer purchasing behavior [21][24]. - Crocs' management acknowledges the impact of trade policy changes on competition, which may further challenge its market position [27]. Group 4: Brand Identity and Future Outlook - Crocs struggles to establish a unique brand identity that resonates with consumers, as many do not feel a psychological burden when purchasing counterfeit versions [29]. - The brand's attempts to diversify its product line, such as introducing winter styles, have not significantly changed consumer perception of it as a summer-only product [32][36]. - To achieve explosive growth again, Crocs may need to wait for the next trend to emerge, as its current market position is constrained by cultural and seasonal factors [37].

Core Viewpoint - The article discusses the development of the Shantou-Chaozhou-Jieyang urban agglomeration, emphasizing the potential for economic growth and collaboration among the three cities while highlighting the challenges of administrative barriers and the complexities of city mergers [4][6][22]. Group 1: Urban Agglomeration Development - The Shantou-Chaozhou-Jieyang urban agglomeration has been initiated to enhance collaboration in transportation, healthcare, and tourism among the three cities [4]. - The urban agglomeration signifies a re-integration of the three cities, which historically were part of the same administrative region until the 1990s [5][9]. - The urban agglomeration aims to create a "one heart, two poles" spatial structure, with Shantou as the center and Chaozhou and Jieyang as growth poles, linking to the Guangdong-Hong Kong-Macao Greater Bay Area [28][30]. Group 2: Challenges of City Merger - Despite the push for urban agglomeration, the possibility of merging the three cities is complicated by existing administrative barriers and the current policy environment, which discourages city mergers [15][21]. - Historical attempts to merge cities have faced significant obstacles, and the current administrative structure is unlikely to change without a new policy window [15][21]. - Merging cities of the same administrative level is more complex than merging a provincial capital with a regular city, leading to potential disputes if administrative levels do not change post-merger [19][20]. Group 3: Economic Development Strategies - The article highlights the need for the three cities to break down barriers and form a collaborative development model, focusing on shared infrastructure and services [31]. - The "Hundred Counties, Thousand Towns, and Ten Thousand Villages" initiative aims to enhance economic development in the less developed regions of Guangdong, including the Shantou-Chaozhou-Jieyang area [41]. - The region's industrial transformation is crucial, with a focus on emerging industries such as renewable energy and green chemicals, which are expected to drive future growth [48][50].

Core Viewpoint - The recent interactions between Dong Mingzhu and Meng Yutong are seen as a strategic move to generate buzz and drive sales for Gree's products, particularly in the context of their joint appearance in a live-streaming event [4][9][32]. Group 1: Background and Relationship Dynamics - Meng Yutong's departure from Gree two years ago led to public disputes with Dong Mingzhu, but recent social media exchanges suggest a reconciliation aimed at leveraging their relationship for marketing purposes [4][5][15]. - The live-streaming event on May 23 served as a platform for both individuals to promote Gree products, indicating that their personal dynamics are being utilized for commercial gain [9][21][32]. Group 2: Financial Performance and Market Position - Gree's revenue for 2024 was reported at approximately 189.16 billion yuan, reflecting a year-on-year decline of 7.26%, marking a return to 2022 levels [26]. - The company's net profit for 2024 reached approximately 32.18 billion yuan, a 10.91% increase from the previous year, indicating strong profitability despite revenue challenges [26]. - The decline in revenue is attributed to a 4.29% drop in the consumer electronics segment, particularly in air conditioning, which constitutes 78.54% of total revenue [26][27]. Group 3: Strategic Initiatives and Market Adaptation - Gree is attempting to diversify its product offerings and attract younger consumers by rebranding its offline stores as "Dong Mingzhu Health Home," which will feature a wider range of smart home appliances [27][29]. - The company has faced challenges in its diversification efforts, with previous attempts to enter mobile phones and electric vehicles yielding limited success [31]. - The collaboration with Meng Yutong, who has a significant online following, is seen as a crucial strategy for Gree to connect with Generation Z consumers and reshape its brand image [32].