Core Viewpoint - The article discusses the emergence and growth of discount supermarkets in China, particularly focusing on the listing of Hunan Mingming Hen Mang Commercial Chain Co., Ltd. and its rapid expansion in lower-tier cities [2][4]. Group 1: Company Overview - Hunan Mingming Hen Mang has submitted its listing application to the Hong Kong Stock Exchange, with approximately 58% of its stores located in county towns and rural areas, indicating a deep penetration into the lower-tier market [2]. - The company has shown significant revenue growth, with projected revenues of RMB 42.8 billion, RMB 102.9 billion, and RMB 393.4 billion from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 203.0% [3]. - The merger of two leading snack chains, "Zero Snacks" and "Zhao Yiming Snacks," has positioned Mingming Hen Mang as a major player in the snack retail sector [3]. Group 2: Industry Trends - The discount retail sector in China is experiencing a transformation, with a notable increase in the number of stores, as evidenced by Mingming Hen Mang and other brands like "Hao Xiang Lai" both surpassing 15,000 stores [4]. - The retail industry is witnessing a shift towards lower prices and higher value, with consumers increasingly seeking products that offer better quality at lower costs, a trend referred to as "quality-price ratio" [9][11]. - The overall discount retail market is projected to reach RMB 2.28 trillion by 2025, with a CAGR of 11.0% from 2022 to 2025, indicating robust growth in this segment [24]. Group 3: Competitive Landscape - Major players in the discount retail space, such as Aldi and Sam's Club, are adopting hard discount models, which focus on reducing costs through supply chain optimization and operational efficiency [21][24]. - The rise of private label products is becoming a significant trend, with companies like Aldi achieving over 90% of their product offerings as private labels, which allows for lower prices and higher quality control [33]. - The competition in the discount retail sector is intensifying, with brands needing to innovate and differentiate themselves to maintain market share and consumer trust [36][37].

Core Viewpoint - Warren Buffett announced his retirement at the end of the year, with Greg Abel set to succeed him as CEO, emphasizing a smooth transition of leadership and continuity of investment philosophy [4][7][8]. Financial Performance - Berkshire Hathaway reported a 14% decline in operating profit for the first quarter, totaling $9.64 billion, with a record cash reserve of $347.7 billion (approximately 2.53 trillion RMB) [2][23]. - The company's total revenue for the first quarter was $89.725 billion, slightly down from $89.869 billion year-over-year, while net profit dropped significantly by 63.76% to $4.603 billion from $12.702 billion [25][26]. Investment Strategy - Buffett highlighted the importance of not making incorrect investments, stating that he prefers to hold cash until a suitable opportunity arises, aiming to reduce cash holdings to $50 billion [11]. - Abel emphasized the need for a long-term vision in investments, focusing on understanding a company's economic outlook over the next five to twenty years [9]. Market and Economic Commentary - Buffett criticized the current trade policies, particularly tariffs, stating they create uncertainty and disrupt global markets, and he believes that trade should not be used as a weapon [14][16]. - He expressed concerns about the sustainability of the U.S. fiscal deficit, warning that it could become uncontrollable if not addressed [16]. Leadership and Personal Insights - Buffett shared advice for young people, stressing the importance of choosing the right workplace and surrounding oneself with successful individuals to foster personal growth [19][20]. - He noted that happiness contributes to longevity, suggesting that individuals should engage with those they admire and appreciate [21]. Major Holdings - Berkshire's top five holdings include American Express, Apple, Bank of America, Coca-Cola, and Chevron, which collectively represent 69% of the total fair value of equity investments [25][26].

视觉 | 顾芗 今年"五一"假期，江苏、浙江、重庆、湖北、陕西等多地推出暖心举措，打开党政机关大门，为游客提 供免费停车服务、免费饮用水，甚至开放政府食堂等暖心周到的服务。 "五一"首日 重庆荣昌政府食堂： 吃掉1200斤大米，超过1500斤猪肉 据《大河报》报道，5月1日中午，记者来到重庆市荣昌区人民政府食堂，门口已经停满了来自各地的车 辆，此处免费停车。 记者注意到，该食堂生意异常火爆。因为游客实在太多，年轻的机关食堂管理人员王婷婷也一起上阵， 为游客打饭打菜，"人太多了"。 本文 转载自每日经济新闻 值班编辑 | 江江 图片来源：极目新闻 食堂大厅坐满了前来吃饭的游客。一位广州来的大哥说："很香!"食堂还特别供应了猪儿粑，"我们以前 都没有"，食堂工作人员说。 连免费加饭的餐盘都没了，工作人员说，每次饭一端上来就秒空，饭碗都不够用了。前来吃饭的一位大 姐高兴地说，自己抢到了最后两碗。 图片来源：荣昌微发布 据极目新闻5月2日报道，5月2日上午，重庆市荣昌区政府机关食堂经理吴娜介绍，平时每天的就餐人数 大约在800余人，但5月1日当天的游客数量接近7000人，餐厅内位置不够，有游客直接坐在门外路边就 餐。 ...

Core Viewpoint - The article emphasizes the importance of safety in the rapidly evolving electric vehicle (EV) market, highlighting that consumer focus is shifting from technical specifications to safety concerns as incidents of vehicle malfunctions and accidents increase [2][21]. Group 1: Safety Redundancy Concept - Safety redundancy is defined as the practice of duplicating critical components or functions to enhance system reliability and prevent potential risks [6]. - The article illustrates safety redundancy through everyday examples, such as carrying cash alongside mobile payment methods, emphasizing its necessity in automotive safety [6]. Group 2: Implementation in bZ5 Model - The bZ5 model from FAW Toyota incorporates multiple safety redundancies, including dual circuit boards, dual motors, and decoupled designs for braking redundancy, as well as dual chip and power supply systems for parking redundancy [8][10]. - The vehicle also features a five-layer battery protection system to ensure battery safety during collisions and prevent fire hazards [10]. Group 3: Industry Standards and Future Directions - As of 2025, consumer safety concerns are leading to an upgrade in industry technical standards, with new national regulations requiring electric vehicle batteries to pass additional safety tests [21]. - FAW Toyota's commitment to safety redundancy aligns with national goals for high-quality development in the EV sector, showcasing its leadership in the industry [19][21]. Group 4: Long-term Corporate Philosophy - FAW Toyota's long-standing philosophy of safety redundancy reflects its dedication to long-term corporate responsibility and societal value, aiming to provide a safer driving experience for consumers [18][19]. - The company has maintained a strong reputation for quality and reliability, evidenced by its extensive experience in electric vehicle development and a record of zero accidents among its electric vehicle users [19][21].

Core Viewpoint - The article narrates the inspiring journey of Zang Jianhe, who transformed her struggles as a single mother into a successful frozen dumpling brand, "Wanchai Ferry," which generates annual sales of 6 billion HKD, showcasing her resilience and entrepreneurial spirit [6][11][29]. Group 1: Background and Early Struggles - Zang Jianhe arrived in Hong Kong in the 1970s with only 500 HKD and began selling dumplings at Wanchai Pier to support her two daughters after being abandoned by her husband [2][14][17]. - Initially, she faced significant challenges, including unfamiliarity with cooking and the stigma of being a street vendor, but she persevered and gradually gained a loyal customer base [5][22][23]. Group 2: Business Development - In 1985, Zang Jianhe established her company with the support of a Japanese department store, marking the beginning of "Wanchai Ferry" as a recognized brand [29]. - The brand expanded its product line from fresh dumplings to frozen dumplings, wontons, and tangyuan, becoming a market leader in Hong Kong with a 30% share of the frozen dumpling market by 1983 [32][35]. Group 3: Strategic Partnerships and Growth - Zang Jianhe was cautious in selecting partners, ensuring that her brand identity remained intact while collaborating with international companies, including Pillsbury, which later acquired Wanchai Ferry [35][36]. - The partnership with American firms provided access to advanced production technologies and facilitated the brand's expansion into mainland China and international markets [39][40]. Group 4: Customer Focus and Quality Control - Zang Jianhe emphasized customer feedback, maintaining open communication channels and adjusting production processes based on consumer input, which contributed to the brand's reputation for quality [47][50]. - Her commitment to high-quality ingredients and meticulous preparation standards helped Wanchai Ferry gain popularity in new markets, including Taiwan [51][52]. Group 5: Legacy and Impact - Zang Jianhe's story serves as an inspiration in the food industry, illustrating the potential for success through hard work and determination, even in the face of adversity [41][42]. - Her legacy continues to influence the frozen food sector in China, with Wanchai Ferry recognized as a pioneer that spurred innovation among competitors [52][53].

Core Viewpoint - Yonghui Supermarket has acknowledged operational shortcomings following a "reverse rounding" cash payment issue, leading to a commitment to improve service standards and rectify management practices [2][3][6] Group 1: Incident and Response - Yonghui Supermarket's "reverse rounding" issue was reported by a customer who experienced being charged 8 yuan for a product priced at 7.96 yuan, without prior notice of the rounding policy [8] - The company announced a new policy effective April 29, 2025, where all cash payments will round down to the nearest whole number, ensuring customers do not pay more than the marked price [3][6] - A compensation program was initiated, offering customers ten times the difference for any rounding discrepancies, with a specific case highlighted where a customer received 1000 yuan as a thank-you for reporting the issue [3][7] Group 2: Financial Performance - Yonghui Supermarket reported a revenue of 67.574 billion yuan in the previous year, a decrease of 14.07% year-on-year, and a net loss of 1.465 billion yuan, which is an increase in losses compared to the previous year [10] - The company has faced continuous losses for four consecutive years, with total losses exceeding 9.5 billion yuan from 2021 to 2024 [10] - In the first quarter of 2025, Yonghui's revenue was 17.479 billion yuan, down 19.32% year-on-year, with a net profit of approximately 148 million yuan, a decline of 79.96% [11]

值班编辑 | 江江 视觉 | 顾芗 据央视新闻报道，当地时间4月29日，央视记者获悉，在亚马逊宣布将开始标注特朗普关税政策带来的 商品额外成本后，特朗普政府当日对亚马逊发起猛烈抨击。美国白宫新闻秘书莱维特称此举是"敌对的 政治行为"。 据了解，亚马逊将很快"在产品标价旁明确显示关税所占金额比例"。这一举措或将直接向美国消费者展 示特朗普关税政策如何推高商品价格，但这有可能损害该公司及其创始人杰夫·贝索斯与特朗普政府建立 的任何良好关系。 另据财联社报道，莱维特回应道，她"刚刚与总统（特朗普）通完电话，讨论了亚马逊的声明"，"这是亚 马逊的一项敌意且具有政治意味的举动。拜登政府把通胀推高到40年来最高的水平时，亚马逊为什么没 做同样的事？" 当被追问到亚马逊创始人杰夫·贝索斯是否"仍是特朗普的支持者"时，莱维特回答称，"听着，我不会谈 论总统与贝索斯之间的关系，但我会告诉你，这肯定是亚马逊敌对的、具有政治含义的行动。" 对此，亚马逊表示，主站点从未考虑标注进口费用。 市场方面，亚马逊开盘大跌，一度跌超2%。截至发稿，现跌0.51%。 本文转载自每日经济新闻 路透社报道截图 受关税政策影响 亚马逊等美电商平台商品 ...

在云南彝良小草坝，海拔近2000米的山野里，一群黑猪正慢慢长大。 它们喝的是天麻竹根水，吃的是山果、野草和五谷杂粮，日复一日地撒欢、觅食、晒太阳。 小草坝盛产天麻，不光滋养了人，也养出了这里的黑猪界明星。 "方圆三公里内无人烟，乌蒙山形成天然防护栏，负氧离子浓度高得像天然氧吧，养出来的猪品质怎么 会差。"杨永军说道，他是高金食品养殖运营总监，2005年从四川农业大学毕业后，20年只做一件事： 养猪。 如果把平原里白猪的养殖节奏比作"高强度996"，那么小草坝的黑猪，走的是"佛系慢养"路线。 作者 | 孟雪 统筹 | 文芳 视觉 | 顾芗 这里没有催生的饲料，没有赶工的时钟，只有充足的时间和自然的养育。 在城市高速运转的另一头，这群黑猪，以另一种节奏，续写着关于生长和品质的答案。 这是一头猪的故事，也是关于市场变化、供应链进化，和味觉记忆的一种回响。 一头猪的慢生活 云南彝良小草坝，地处川滇交界，群山环绕，雾霭迷蒙，是鲜有人至的世外桃源。 不像平原养殖的白猪，赶着100来天就出栏，来自小草坝的黑猪则是要足足300天，才能修炼成"肉质鲜 美，油花如雪"的肉类精品。 作为叮咚买菜的重要合作伙伴，高金食品花了十多年时 ...

作者 | 竹子、杜康 统筹 | 杨园园 视觉 | 顾芗 进入三四月，湖北潜江的水开始不那么"安静"了。 凌晨三点，陈实（化名）和家人就已起身，拿上手电筒，穿好防水衣裤，推着小船走进了自家虾田。深 夜的气温只有几度，水中更冷，他们仿佛不受影响，熟练地抬起一个个虾笼，将笼内的小龙虾囫囵倒入 小船里。 陈实从事小龙虾养殖已经十几年，家中承包着100亩虾田。小龙虾供不应求的时节，虾贩就蹲在自家的 塘边，刚上岸的小龙虾，转头就会被收走，流向全国各地的餐馆和夜市。那时，一亩虾田最高的收入能 有约一万元。如今呢？"大部分时间自己拉去市场卖咯，价格波动也大。"陈实说道。 而距离潜江一千公里外的深圳，夜晚气温已然是舒适的十四五度，结束一天工作的人们开始呼朋唤友， 开怀畅谈。吃什么？椰子鸡、烧烤、牛肉火锅，亦或初代顶流小龙虾。 对消费者来说，最直观的感受是"贵了"，一些餐厅里一盆小龙虾动辄188、228的价格让人直接拔草；同 时，健康饮食概念与越来越多元的菜系持续影响消费决策，餐饮江湖的格局从未像当下一样善变。 而对于总产值突破4600亿的小龙虾产业来说[3]，从"宵夜王者"变成餐桌上的"可选题"，供需不断重构 下，供应链上游经 ...

投资界 . 清科创业旗下创业与投资资讯平台 以下文章来源于投资界 ，作者杨继云 本文转载自投资界 值班编辑 | 宝珠 视觉 | 顾芗 那是3月5日这天，老铺黄金以600港元/股的价格超越腾讯，成为港股新一任"股王"。没有人会想到这一 幕：老铺黄金自去年6月上市，此后股价一路飞涨，至今涨幅已经超过20倍。 "爆赚，准备原地退休了"。早早上车的人难掩喜悦，这样的分享帖子遍布社交媒体。身边消费投资人则 拍断了大腿： "当初没有投进去。" 这是港股消费公司的一缕缩影。如你所见，资本市场对蜜雪冰城、泡泡玛特报以同样热情——他们都涨 幅惊人。至此，泡泡玛特、蜜雪冰城、老铺黄金一起组成了"港股三姐妹"。 "现在有合适的消费公司赶紧推去港股。"目睹几家消费公司的罕见暴涨，一位头部VC投资人如是喊话。 嘉御资本创始合伙人兼董事长卫哲则向投资界分享他的一个观点："中国资产重估始于港股，港股重估 始于消费公司"。 三姐妹崛起 港股三家千亿消费公司 港股三姐妹，今年密集地出现在投资人聊天之间。 老铺黄金，始于湖南岳阳人徐高明——他于2004年进军消费级黄金产品市场，后来在北京创办老铺黄 金。他将黄金从"克重计价"的实用主义中剥离，把 ...