网易数读 . 网易旗下栏目，用数据说话。 以下文章来源于网易数读 ，作者网易数读 本文来自微信公众号： 网易数读 ，作者：叶榆北，设计：卜卜脆、秋瞳，题图来自：AI生成 提到雅思，多少"留子"恨得咬牙切齿。花两千多考试、八千多上直播课，却还是卡在 6.5 分的地狱循 环里，只能一次次重考。 最近包括考研名师周思成，都加入了"连考大军"，十天内四场雅思，只为用四张 8.5 分成绩单打脸网 友对自己成绩造假的质疑。 不少"考鸭"纷纷自嘲，原来不是系统压分，是自己水平确实不够。就在考生刷分刷到破产的同时，遥 远的大不列颠传来雅思主办方要破产的消息。 据《卫报》披露，雅思考试主办方之一的英国文化协会 （British Council） 正陷入严重财政危机， 其 CEO 警告如果政府不采取行动挽救，英国文化协会将在十年内"消失" [1] 。 一、"雅思破产"，中国考生第一 个不同意 在绝大多数中国考生眼里，说雅思主办方要破产了，估计是没人会愿意买账的： 这可是动辄 2000+ 雅思考试报名费啊，有人爱马仕铅笔都攒了好几根，怎么还会撑不下去？这我真不 信。 坊间也最爱调侃，雅思考试才是世界知名奢侈品牌，纯正英国血统、分店 ...

Core Viewpoint - The article discusses the challenges faced by Nezha Auto, highlighting its financial struggles, management changes, and the competitive landscape in the Chinese electric vehicle market. It emphasizes the need for Nezha Auto to adapt and innovate to survive in a saturated market. Group 1: Financial Struggles - Nezha Auto has experienced significant financial difficulties, with a funding gap of approximately 7 billion yuan and total liabilities nearing 10 billion yuan as of November last year [3][4] - Cumulative losses from 2020 to 2022 reached 11.14 billion yuan, with a loss of 45,000 yuan for each vehicle sold in 2022 [11][12] - By the end of 2023, losses expanded to 6.75 billion yuan, with cash and cash equivalents reduced to 2.83 billion yuan [16] Group 2: Management Changes - CEO Zhang Yong was replaced amid internal layoffs and salary cuts, indicating severe internal and external pressures [3][17] - The founder, Fang Yunzhu, returned to the forefront to address the company's challenges, but rebuilding trust with consumers, investors, and suppliers will be a lengthy process [17][20] Group 3: Market Position and Competition - Nezha Auto initially thrived by capturing the low-end electric vehicle market, achieving sales of 152,000 units in 2022, surpassing competitors [4][10] - However, the market has become increasingly competitive, with stronger brands like BYD and Tesla leading price wars, forcing Nezha Auto to react rather than proactively compete [11][21] - The company has struggled to differentiate its products and maintain cost control, leading to a loss of market share to newer entrants with better offerings [10][11] Group 4: Strategic Shifts - Nezha Auto is attempting to pivot towards the mid-to-high-end electric vehicle market, investing 2 billion yuan in a new vehicle platform [13][14] - The launch of new models, such as Nezha S and Nezha GT, has not met sales expectations, with the S model selling only 24,000 units in 2023 [14][15] - The company is also focusing on international expansion, aiming for overseas sales to account for half of total sales within two to three years [20][21]

Core Viewpoint - The article discusses DeepSeek's advancements in AI technology, particularly focusing on their V3 model and its cost-effective strategies for optimizing performance in the competitive AI landscape [2][4][6]. Group 1: DeepSeek V3 Model Innovations - DeepSeek V3 utilizes a "multi-head attention mechanism" (MLA) to enhance memory efficiency, significantly reducing memory consumption while processing long texts and multi-turn dialogues [2][3]. - The model adopts a "Mixture of Experts" (MoE) architecture, allowing for efficient collaboration among specialized components, which improves computational efficiency and reduces resource wastage [3][4]. - DeepSeek V3 incorporates FP8 mixed precision training, which allows for lower precision calculations in less sensitive areas, resulting in faster training speeds and reduced memory usage without sacrificing final model performance [3][4]. Group 2: Technical Optimizations - The model features a "multi-plane network topology" that optimizes data transfer paths within GPU clusters, enhancing overall training speed by minimizing congestion and bottlenecks [4]. - DeepSeek's approach emphasizes the importance of cost-effectiveness and hardware-software synergy, suggesting that even without top-tier hardware, significant advancements can be achieved through engineering optimization and algorithm innovation [4][6]. Group 3: Market Context and Implications - The article highlights the competitive landscape of AI, where leading firms are engaged in intense competition over model parameters and application ecosystems, while also facing rising computational costs and unclear commercialization paths [6][7]. - DeepSeek's recent developments signal a shift towards efficiency and targeted value creation, indicating that the ability to leverage existing resources and address real-world needs will be crucial for success in the evolving AI market [6][7].

Core Viewpoint - The bankruptcy filing of Neta Auto's parent company, Hozon Auto, highlights the severe financial crisis faced by the once-prominent new energy vehicle manufacturer, revealing a total loss of 18.3 billion yuan over three years and debts exceeding 6 billion yuan owed to suppliers, amidst a dramatic decline in sales and operational challenges [3][12][15]. Group 1: Financial Crisis - Hozon Auto has accumulated losses of 18.3 billion yuan over three years, with a cash flow deficit that has led to severe operational issues, including layoffs and factory shutdowns [12][13]. - The company has over 90 enforcement actions against it, with total amounts exceeding 140 million yuan, and multiple restrictions on consumption and frozen equity [8]. - Neta Auto's sales have plummeted from 152,000 units in 2022 to just 6,450 units in 2024, with a staggering 97.76% drop in January 2025 sales [11][12]. Group 2: Legal and Operational Challenges - Shanghai Yuxing Advertising Co. filed for bankruptcy reorganization against Hozon Auto due to unpaid debts exceeding 5 million yuan, leading to legal proceedings that could determine the company's fate [6][9]. - The company faces numerous legal disputes, including contract disputes with suppliers, which have further strained its financial situation [9][12]. - Neta Auto's operational issues were exacerbated by a recent app outage attributed to unpaid data fees, highlighting internal management failures [13][14]. Group 3: Leadership and Strategic Issues - The relationship between former CEO Zhang Yong and investor Zhou Hongyi has been tumultuous, with public disputes affecting company morale and strategy [11][12]. - Zhang Yong's departure to the UK and the subsequent leadership changes have raised concerns about the company's direction and ability to recover from its financial troubles [11][15]. - The company's initial low-cost strategy, which was thought to replicate Tesla's success, has instead led to significant financial losses and operational challenges, drawing parallels to other failed ventures in the industry [6][12].

Core Viewpoint - The lingerie industry is facing significant challenges as a growing number of women, particularly those born after 1995, are opting to forgo bras, which is reshaping consumer preferences and impacting sales across the sector [2][10]. Industry Overview - The lingerie market is experiencing a downturn, with major companies reporting declining sales and profits. In 2024, five leading publicly listed companies in the industry saw a comprehensive decline in their lingerie business, with two A-share companies experiencing a halving of their performance [5][9]. - Aimer, one of the A-share companies, reported a revenue of 3.163 billion yuan, a decrease of 7.71% year-on-year, and a net profit of 163 million yuan, down 46.56% [6]. - Huijie Co., known as the "first A-share lingerie stock," saw a slight revenue increase of 0.85% to 2.95 billion yuan, but its net profit plummeted by 56.54% to 79.04 million yuan, indicating that its core bra business is struggling [8]. Consumer Behavior Changes - A significant shift in consumer preferences is noted, with comfort becoming the primary concern for lingerie buyers, as 32% of users prioritize comfort over other factors [12]. - Many consumers are increasingly opting for alternatives to traditional bras, such as silicone pasties, to avoid discomfort while still addressing concerns about visibility [14]. - Social media platforms are amplifying this trend, with discussions around the discomfort of wearing bras gaining traction, leading to a cultural shift where not wearing a bra is becoming more accepted [15]. Market Dynamics - The lingerie industry is facing intensified competition from lower-priced brands, which is undermining the pricing strategies of mid-to-high-end brands [9][21]. - The overall economic downturn and sluggish consumer spending are contributing to the industry's challenges, making it difficult for brands to maintain profitability [10][21]. Future Outlook - The lingerie industry must adapt to these changing consumer preferences and address the comfort and fit issues that have been highlighted by consumers. Brands need to innovate and enhance their offerings to meet the evolving demands of the market [20][21].

Core Viewpoint - The article highlights the alarming trend of fraudulent matchmaking agencies in Shenzhen, which exploit the desperation of singles seeking marriage, leading to significant financial losses and emotional distress for victims [3][4][51]. Group 1: Victim Experiences - Huang Bingbing was deceived into paying 400,000 yuan to a matchmaking agency, resulting in a debt of 300,000 yuan that she struggles to repay at 8,000 yuan monthly [3][6]. - Jiang Yaqi spent 200,000 yuan on matchmaking services, only to be misled and ultimately forced to sign a "gag agreement" to receive a partial refund of 35,000 yuan [3][24]. - Victims often find themselves in a cycle of loans and payments, with Huang Bingbing taking out multiple loans under pressure from the agency [6][12]. Group 2: Agency Tactics - Matchmaking agencies operate from high-end office buildings and use social media to attract clients, employing persuasive sales tactics to convince singles to spend large sums [4][5]. - Victims are often manipulated into upgrading their service packages with promises of better matches, leading to escalating costs [8][12]. - Agencies employ psychological manipulation techniques, including PUA (Pick-Up Artist) tactics, to instill a sense of urgency and fear of missing out in potential clients [54][55]. Group 3: Financial Implications - The average single in Shenzhen faces a high single rate of 64.5%, creating a lucrative market for these agencies to exploit [4]. - Many victims resort to loans from various sources, including credit cards and personal loans, to pay for services, leading to significant debt without finding suitable partners [30][32]. - Refund policies are often misleading, with agencies using complex contracts to avoid returning funds, effectively turning refunds into "hush money" [22][34]. Group 4: Emotional and Psychological Impact - Victims report severe emotional distress and a loss of faith in marriage, viewing it as a transactional relationship rather than a genuine partnership [50][51]. - The experience of being scammed leads many to question their self-worth and relationship prospects, with some feeling pressured to marry anyone just to recoup their losses [16][51]. - The article emphasizes the broader societal implications of these scams, as they contribute to a culture of mistrust and disillusionment regarding marriage [52][56].

以下文章来源于新周刊 ，作者陈茁 新周刊 . 中国最新锐的生活方式周刊。 日本是全球老龄化程度最高的国家，2024年，65岁及以上的老年人口达到3624.3万人，占总人口的 29.3%。在川口彰俊生活的富山县，高龄化率超过30%。偶尔，他会在停车场看到一辆车占两个车位 的情况。"那样的车上往往贴着高龄司机的标识，车身老旧，布满伤痕和凹陷，可以想象这位老人车 主发生过多少次碰撞。" 而中国目前65岁及以上人口突破2.1亿，占总人口的15.4%。相比于日本，中国老龄化的规模更大， 速度也更快。面对即将汹涌而来的高龄海啸，我们的社会做好准备了吗？ 在川口彰俊看来，现在中国养老行业还处于扩大服务数量的阶段，有一部分质量非常好的机构，但总 体来说服务质量还没有达到理想水平。 [日]川口彰俊、凌云著 中国工人出版社·万川，2025-2 "日本国土面积小，地区间差距不大；而中国幅员辽阔，各地发展水平差异巨大，不能照搬经验。"这 也正是曾经在中国人民大学历史系就读的川口彰俊用中文写作本书的目的，他希望将日本的经验和教 训分享给更多人，"让中日两国都顺利应对高龄海啸，老有所依，老有所养"。 一、月入多少，才住得起养老 院？ 本 ...

Group 1: Trade and Economic Policies - The U.S. has adjusted tariffs on Chinese goods, removing a total of 91% of tariffs and modifying a 34% tariff, with 24% suspended for 90 days and 10% retained [2] - The U.S. has also reduced the international mail tax rate from 120% to 54% and canceled a planned increase in the per-item tax from $100 to $200 [2] Group 2: Corporate Developments - Tencent has established a new e-commerce product department within its WeChat division to explore new trading models and enhance its e-commerce ecosystem [15][16] - Apple has seen a significant drop in iPhone sales in China, with a reported 9% decrease in shipments in the first quarter, leading to substantial price cuts of up to one-third on major e-commerce platforms [17][19] Group 3: Financial Transactions - Vanke has received a loan of up to 15.52 billion yuan from its major shareholder, Shenzhen Metro Group, marking the fourth loan this year, totaling nearly 120 billion yuan [21][22][23] Group 4: Market Opportunities - Nvidia and AMD stocks have risen due to potential multi-billion dollar opportunities in AI infrastructure projects in Saudi Arabia, estimated to be worth $30 billion to $50 billion annually [20]

Core Viewpoint - The article discusses the recent resurgence of miHoYo in the mobile gaming market, particularly highlighting the success of its game "Honkai: Star Rail" and the shifting dynamics among major Chinese gaming companies, including Tencent and NetEase [3][8]. Group 1: Market Performance - In April 2025, Chinese mobile game publishers collectively generated $2 billion, accounting for 38.4% of the global top 100 mobile game publishers' revenue [3]. - miHoYo's "Honkai: Star Rail" regained its position as the top-grossing mobile game overseas, with revenue increasing by 192% following a version update on April 9 [3][23]. - After falling out of the top three global mobile game publishers in October 2024, miHoYo had struggled for seven months but has now returned to prominence [5][8]. Group 2: Competitor Analysis - Tencent maintained its lead in the market, with "Honor of Kings" seeing a 71% increase in global revenue in April, solidifying its position as the top mobile game [11]. - Point Interactive emerged as a strong competitor, with its new game "Kingshot" experiencing a 209% revenue increase in April, surpassing miHoYo's performance [17][19]. - NetEase ranked third in the global mobile game revenue chart, but has struggled to launch standout new titles since 2023 [20][22]. Group 3: Industry Trends - The article notes a decline in the appeal of the two-dimensional gaming genre, with the domestic two-dimensional game market revenue dropping by 7.44% year-on-year to 29.348 billion yuan in 2024 [5]. - The competitive landscape has shifted from a "Tencent, NetEase, miHoYo" narrative to a more diverse market with emerging players like Point Interactive [10][24]. - The gaming industry is experiencing increased competition, with a surge in new titles leading to market saturation and player fatigue [30][32].

Core Viewpoint - The article highlights the growing disparity between ordinary workers and capital holders in wealth accumulation, emphasizing that relying solely on labor income is increasingly insufficient to keep pace with capital appreciation. Group 1: Economic Changes and Wealth Disparity - The gap between ordinary workers and capital holders has expanded significantly, with a 7.8 times difference in wealth accumulation [2][3]. - The long-term low interest rate policies and monetary easing have inflated asset prices without significantly increasing wages, leading to a situation where nominal wealth rises but purchasing power diminishes for wage earners [5][7][8]. - The return on capital has accelerated, with capital returns typically outpacing economic growth and wage growth over the long term [9][10][11]. Group 2: Impact of Compounding and Technology - The power of compounding favors asset holders, with an investment of $10,000 in the S&P 500 in 1971 potentially growing to approximately $1.7 million by 2024, compared to a mere $55,000 if saved as wages [15][16][17]. - Technological advancements have created significant wealth but have also widened the wealth gap, benefiting high-skilled workers while adversely affecting low-skilled laborers [18][19][20][21][22]. Group 3: Industry and Globalization Effects - High-return industries like technology and finance have exacerbated wealth accumulation disparities compared to traditional sectors [23][24]. - Globalization has suppressed wage growth for ordinary workers in developed countries due to competition from lower-cost labor markets, further diminishing their bargaining power [25]. Group 4: Barriers to Wealth Accumulation - The efficiency of converting labor income into passive income has decreased, with the required market value of the S&P 500 to replace annual salary rising from 25 times in 1971 to 33 times in 2024 [26][27][28]. - The path to financial freedom has become longer and more challenging, necessitating a dual approach of earning both wage and capital income [30][32].