Core Viewpoint - The article discusses Huawei's innovative Mixture of Grouped Experts (MoGE) architecture, which optimizes the traditional Mixture of Experts (MoE) model to enhance load balancing and computational efficiency in AI applications, particularly in large models [1][2][6]. Summary by Sections Introduction - The MoE model has evolved from its academic origins to become a competitive force in AI, with Huawei's MoGE architecture representing a significant advancement in this field [1]. MoGE Architecture - Huawei's Pangu Pro MoE model features 72 billion total parameters and 16 billion active parameters, achieving superior expert load distribution and computational efficiency [2]. - The model's performance is highlighted by its ranking in the SuperCLUE leaderboard, where it achieved a score of 59, placing it among the top domestic models with fewer parameters compared to competitors [2]. Technical Innovations - The MoGE architecture addresses the core challenge of load imbalance in traditional MoE models by implementing a grouped balanced routing mechanism, ensuring equal activation of experts within defined groups [6][12]. - This design leads to improved throughput and dynamic scalability, making it suitable for various applications [12]. Performance Metrics - The Pangu Pro MoE model demonstrates significant improvements in inference performance, achieving up to 321 tokens per second on the Ascend 300I Duo platform and 1528 tokens per second on the Ascend 800I A2 platform [16]. - The model's capabilities extend across multiple domains, showcasing strong performance in reasoning tasks and cross-language benchmarks [17][18]. Practical Applications - The introduction of Pangu Pro MoE signifies a shift from a focus on parameter quantity to practical effectiveness, enabling enterprises to leverage large models efficiently in real-time scenarios [23]. - Huawei aims to redefine the value of large models, providing a robust foundation for AI applications across various industries [23].

Core Viewpoint - Xiaomi's recent financial performance demonstrates significant growth across multiple business segments, indicating a strong market position and potential for future profitability, particularly in the smart electric vehicle sector [3][4]. Financial Performance - For Q1 2025, Xiaomi reported revenue of 1112.93 billion yuan, a year-on-year increase of 47.4%, and an adjusted net profit of 106.8 billion yuan, up 64.5%, both exceeding Bloomberg's expectations [3][4]. - The smartphone business saw a 40% increase in domestic market shipments, reclaiming a 18.8% market share, while the average selling price (ASP) of smartphones reached a historical high of 1211 yuan, reflecting a 5.8% year-on-year growth [4][8]. - The IoT and lifestyle products segment generated revenue of 323.4 billion yuan, a 58.7% increase, with IoT revenue now accounting for 29.1% of total revenue [11]. Business Segment Insights - The smart electric vehicle segment is nearing breakeven, with losses reduced from 18 billion yuan to 5 billion yuan, and revenue for the quarter reached 181 billion yuan, representing 55% of last year's total revenue [6][7]. - Xiaomi's home appliance sales surged, with air conditioning units and refrigerators both exceeding 110,000 and 88,000 units sold, respectively, and washing machines seeing over 74,000 units sold, with growth rates exceeding 100% [11]. Market Dynamics - The current growth is partly attributed to subsidy policies, which may pose challenges once these incentives are removed, potentially impacting demand in the consumer electronics sector [10][14]. - Xiaomi is proactively addressing future challenges by establishing a smart home appliance factory in Wuhan, aimed at reducing costs and maintaining inventory levels [15]. Future Considerations - The transition from IoT hardware to AI services is a critical challenge for Xiaomi, as consumer expectations evolve beyond simple smart devices to integrated AI solutions [16][18]. - Xiaomi's AI research has advanced, with significant developments in local model performance, but the implementation of these technologies into consumer products remains a key hurdle [17][18].

Core Viewpoint - The direct banking sector in China, once highly anticipated, is witnessing a significant decline, with major banks like Beijing Bank announcing the integration of their direct banking services into traditional mobile banking apps, marking the exit of the first direct bank [2][6]. Development of Direct Banks - The development of direct banks in China began in 2013, with Beijing Bank launching the first direct banking service, which was seen as a new era for the industry [4][5]. - At its peak, the number of direct banks exceeded 100, with city commercial banks and rural commercial banks being the primary participants [5]. Business Performance and Challenges - Beijing Bank's direct banking service saw rapid growth initially, with customer numbers reaching 476,000 by 2019 and total funds sold amounting to 11.56 billion yuan [6]. - However, since 2017, major state-owned and joint-stock banks have been adjusting their direct banking channels, leading to a trend of merging these services into mobile banking apps [6][8]. Market Dynamics - The number of operational direct banking apps has drastically reduced to about a dozen, primarily among smaller city and rural banks [2][8]. - Many direct banks have failed to establish a distinct market position, often serving merely as online extensions of traditional banking services, leading to a lack of competitive advantage [8][10]. Regulatory and Operational Constraints - The tightening of regulatory policies and the issue of product homogeneity have further restricted the growth potential of direct banks [9][10]. - Independent direct banks face significant challenges, including the need for complete operational independence from their parent banks, which complicates their ability to build profitable customer acquisition models [12][13]. Performance of Independent Direct Banks - Independent direct banks like Baixin Bank and Postal Savings Bank's Postal Huinong have not performed well, with Baixin Bank reporting a net profit decline of 23.74% in 2024 [12]. - The termination of the establishment of another independent direct bank,招商拓扑, highlights the difficulties in launching new entities in this space [13].

Core Viewpoint - The article discusses the 2025 "New First-tier Cities Charm Ranking," highlighting the top cities and the criteria used for ranking, emphasizing the importance of commercial development and living conditions over GDP alone [1][3][12]. Ranking Overview - The top four cities remain Shanghai, Beijing, Shenzhen, and Guangzhou, classified as first-tier cities. The new first-tier cities ranked from 5th to 19th include Chengdu, Hangzhou, Chongqing, Wuhan, Suzhou, Xi'an, Nanjing, Changsha, Zhengzhou, Tianjin, Hefei, Qingdao, Dongguan, Ningbo, and Foshan [1]. - Wuxi has dropped to 21st place, while Foshan has risen to 15th place among new first-tier cities [1]. Criticism of the Ranking - Critics argue that the ranking does not accurately reflect economic totality (GDP) or development level (per capita GDP) [2][3]. - The debate around city rankings often involves personal biases, with individuals favoring their hometowns or chosen cities [2]. Understanding the Ranking Criteria - The ranking focuses more on the "city" aspect, particularly the central urban area, rather than the entire city including suburban areas [3][4]. - Cities with larger central urban areas tend to rank higher, as seen with Chengdu, which has a significant population in its central districts [4]. Economic and Demographic Insights - The article compares the GDP and retail sales growth of "high-ranking" and "low-ranking" cities from 2015 to 2024, noting that "high-ranking cities" generally show stronger growth in both GDP and retail sales [9][10]. - The population growth in "high-ranking cities" is significantly higher than in "low-ranking cities," indicating a trend of urban migration towards more vibrant economic centers [10][11]. Conclusion on Investment Potential - The article suggests that the "New First-tier Cities" ranking serves as a leading indicator for future economic performance, with cities that attract more residents likely to perform better in the long run [12]. - For individuals considering relocation or investment, the ranking provides valuable insights into urban dynamics and economic opportunities [12].

Core Viewpoint - SpaceX's ninth flight of the Starship faced challenges but marked significant progress in its reusable rocket technology, despite the spacecraft ultimately losing control and crashing [5][20][24]. Group 1: Flight Overview - The ninth flight aimed to demonstrate the successful reuse of the Super Heavy booster, which had previously been recovered from an earlier test [5][9]. - The flight was critical for SpaceX, as it followed two previous failures and was intended to pave the way for future missions, including a planned Mars journey [5][22]. - The Super Heavy booster successfully completed its launch phase, but the Starship spacecraft encountered multiple issues, including a failure to deploy payloads and loss of attitude control [11][14][17]. Group 2: Technical Challenges - During the flight, the Starship's payload door failed to open, preventing the deployment of eight Starlink satellite simulators [14]. - The spacecraft lost control due to fuel system leaks, leading to a complete loss of communication with SpaceX [19][20]. - Despite these setbacks, the flight achieved a higher altitude and distance than previous attempts, indicating progress in the testing of the Starship system [20][24]. Group 3: Future Plans and Goals - SpaceX aims to conduct ten successful Starship flights to prepare for a Mars mission scheduled for 2026, with the next flight expected to occur every 3 to 4 weeks [22][26]. - The company is also focused on improving the Starship's design, particularly its heat shield and other systems, to enhance its performance during re-entry [24]. - The ultimate goal is to create a fully reusable rocket system that can facilitate commercial space travel at lower costs [24].

以下文章来源于旅界 ，作者theodore熙少 旅界 . 跟踪时代浪潮，讲述文旅商业好故事。 本文来自微信公众号： 旅界 （ID：tourismzonenews） ，作者：theodore熙少，题图来自：视觉中 国 一 我有一个读者朋友A君，他在川西经营了一家精品小团旅行社，这两天和我吐槽又被小红书上的客人 气笑了。 开始，我看着还觉得正常，比如她要求和旅行社签订有效法律合同，不含隐性消费、不准抽烟、不能 讲脏话…… 我问他为何怨气这么重？ A君立刻甩来一组微信截图，是一个大学生客人写的500字询价小作文： 再往后看就有点搞笑了，她对旅行社领队的深度研究仿佛在相亲，不仅要了解年龄、从业时长、专业 资质证书，还希望能提供领队MBTI （一种人格测评工具的测评结果） 。 这让我不由得想起何广智在脱口秀大会上的段子： 你是INFJ，他是ENSB，这都无所谓，但不要把这个测试结果当成法条去约束别人、绑架别人...... 但事实上，要求提供领队MBTI只是今年旅行社客人需求增多的缩影，A君说，他所在的领队群里经 常互相晒奇葩客人的奇葩需求： "比方说，往年最多是问你有没有旅行拍照服务，现在的客人上来不仅要问你相机型号、 ...

以下文章来源于那个NG ，作者渣渣郡 那个NG . 用关注决定视界｜复杂世界的策展人 出品 | 虎嗅青年文化组 作者 | 渣渣郡 本文首发于虎嗅年轻内容公众号"那個NG"（ID：huxiu4youth）。在这里，我们呈现当下年轻人的面 貌、故事和态度。 没有任何一种语言，比诅咒更能显示人类的创造力了。 从《唐律》对诅咒的量刑来看，古人将其视为具有致命威力的'灵能核武器'： "...诸有所憎恶，而造厌魅及造符书咒诅，欲以杀人者，各以谋杀论减二等；于期亲尊长及外祖 父母、夫、夫之祖父母、父母，各不减。（卷十八·贼盗律）" 今天，或许你以为科技时代的人类早已摆脱这种陋俗。 但当你走进社交媒体才会理解自己的肤浅，因为整个世界现在已经变成了一个巨大的厌胜场。 在欧洲，有一种大量出土的铅板，上面密密麻麻刻着字，乍看跟甲骨文一样，但其实吧，这玩意叫诅 咒石板，是古希腊、古罗马人诅咒别人用的法器。 据考古学家说，这些板子上遍布着污言秽语，诅咒对象无所不包，常见的咒语有四肢乏力、无法言 语、噩梦缠身以及今天看来很克苏鲁的诅咒： 我诅咒特蕾提娅·玛丽亚， 诅咒她的生命、心智、 记忆、肝脏、 肺部——愿这一切被搅乱混合， 她的命运 ...

Group 1: Education and Technology - The Trump administration has ordered U.S. embassies to suspend new visa interviews for foreign students, considering social media scrutiny for applicants [2] - AI technology will be implemented for real-time monitoring in examination halls across multiple regions, aiming to enhance discipline and prevent cheating [5][6] Group 2: Energy and Infrastructure - The ASEAN-China-GCC summit joint statement encourages investment and cooperation in energy infrastructure, including projects like undersea cables and cross-border electricity trade [3] Group 3: Corporate Developments - Apple plans to launch a dedicated video game application for its devices, which will serve as a game launcher and enhance user experience [11] - Neuralink, Elon Musk's brain-machine interface company, has raised $600 million at a valuation of $9 billion [12] - McKinsey has laid off over 10% of its workforce in the past 18 months, reducing its employee count from over 45,000 to approximately 40,000 [13][14] Group 4: Automotive Industry - Tesla's new car registrations in Europe fell by 52.6% in April compared to the previous year, with a 46% decline in the first four months of the year [17] Group 5: International Relations - The Trump administration is considering severing ties with Harvard University, seeking to terminate all contracts with the institution [20][21]

以下文章来源于时代财经APP ，作者梁争誉 时代财经APP . 聚焦于企业财经新闻，互联网新闻信息服务许可证编号：44120230006 本文来自微信公众号： 时代财经APP ，作者：梁争誉，编辑：黎倩，题图来自：视觉中国 时隔8年，万达再现大规模资产出售。 近日，由太盟投资、高和资本、腾讯、京东、阳光人寿组成的"熟人"接盘团，以股权交易的方式一口 气打包购入48座万达广场。据澎湃新闻，这笔交易金额或将达到500亿元——是2017年万达作价637 亿元出售资产包予融创中国、富力地产的"世纪交易"后，万达最大规模的一次资产剥离。 商海浮沉37载，万达董事长王健林攒下了丰厚家底。截至2024年年底，万达在北京、上海、广州、 深圳、成都、南京、拉萨、乌鲁木齐等数百个城市开业513座万达广场。时代财经粗略测算，513座 万达广场估值逾8000亿元。 偿债压力之下，万达开启卖资产模式。根据不完全统计，过去两年，万达出售了超过30座万达广 场。今年，万达加快资产处置，加上此次的48座万达广场，年内将转让超50座万达广场。 还要卖多少座万达广场，万达才能"上岸"？ 一、太盟领头，"熟人团"接盘48 座万达广场 国家市场监管 ...

以下文章来源于妙投APP ，作者丁萍 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 作者 | 丁萍 头图 | AI生图 近期，美债收益率再次飙升，30年期美债收益率突破5%，10年期美债收益率突破4.6%。这波飙升背 后，可谓"内外夹击"。 首先，是信用评级的"警钟"。5月15日，国际三大评级机构之一的穆迪 （Moody's） 将美国主权信用 评级从Aaa下调至Aa1，理由是联邦债务规模和利息支付比例持续攀升，财政状况令人忧心； 接着是5月22日，由共和党主导的众议院以微弱优势通过了被称为"美丽大法案"的财政议案。名字虽 然动听，但代价不菲——根据国会预算办公室 （CBO） 的测算，这项法案预计将在未来十年新增约 4万亿美元联邦债务，无疑让市场对美国财政可持续性的担忧再度升级。 起因何在？ 5月19日，日本首相石破茂公开表示，日本财政状况"比希腊还糟糕"。数据显示，日本债务/GDP比率 已超250%，远高于希腊债务危机时的180%。 外围进一步催化了市场情绪—— 市场担忧在这场关税谈判中日元可能面临被动升值，也就是日元有 可能会继续加息。 ...