以下文章来源于妙投APP ，作者刘国辉 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 | 刘国辉 图片来源 | 视觉中国 四月底，A股上市银行2024年报以及2025年一季报披露完毕。未上市的银行也大多发布了2024年业绩。对比 一下12家股份制银行在2024年的财报表现，有亮眼业绩的是兴业银行和中信银行，均实现了营收与净利润 的双增，资产规模增长也相对较好。而招商银行已是连续两年营收下滑，而且还有吃老本之嫌。 在今年一季度，招行的业绩增速相比于兴业和中信银行，也没有明显优势，大差不差。 看来，逆势之下，强者并未恒强。 招行、兴业、中信三家银行体量接近，已经坐稳股份行前三甲的位置，也都是银行业规模前十的银行。三 家银行都有自己的特色，招行的零售和财富管理优势独步天下，兴业银行和中信银行都以对公业务见长， 在投行业务上也有相对优势，此外积极向零售转型。 其他股份行中，浦发、民生、光大、平安、广发银行都处在营收下滑的状态，利润水平可以调节，意义不 太大。华夏银行、浙商银行、渤海银行、恒丰银行实现营收与净利润双增，但体量较小，不太有可比性 ...

出品｜虎嗅ESG组 作者｜陈玉立 头图｜视觉中国 本文是#ESG进步观察#系列第133篇文章 本次观察关键词： 公司治理 劳动节假期刚过去没多久，关于理想汽车CEO李想的一则年薪披露却让不少打工人破防了。 据理想汽车2024年年报披露，理想汽车董事长李想的薪酬其年薪为6.39亿元，其薪资由两部分组成，一部分是266.5万元的年薪，另一部分是因公司在 2024年达到交付50万台的目标而触发的期权激励，产生超6.36亿元的激励费用。 年报还披露，除了董事长李想之外，理想汽车的其他高管收入也足以傲视群雄：执行董事兼总裁马东辉的年收入高达4027.4万元，CFO李铁的年收入 高达3916.0万元。 薪酬披露后，有网友在评论区留言："月薪5000，要10650年才能赚到他的年薪。"的确，在当下经济环境面临不确定性之时，新能源车赛道属于为数不 多走在上升期的行业，而行业之间的割裂造成了公众的不理解。其中的关键问题在于，算上期权在内，李想一年6个亿的总薪酬是否合理？ 财务角度看，无可厚非 理想汽车的薪酬争议，本质上是美股会计准则(FASB)下的期权费用确认规则与公众认知的冲突。 根据财报，李想2024年的6.39亿元收入中 ...

Core Viewpoint - JD.com reported its best quarterly performance since 2022, with a revenue increase of 15.8% year-on-year to 301.1 billion yuan, driven by strong growth in its core categories of 3C and daily necessities [1][4]. Financial Performance - JD.com's revenue and profit both saw significant year-on-year growth, marking the highest growth rates in the past three years. The core retail business revenue grew by 16.31% to 263.845 billion yuan, supported by effective cost control [4][5]. - The operating profit for the quarter increased by 31.4% to 11.7 billion yuan, with the operating profit margin rising from 3% to 3.5% [1][4]. Strategic Initiatives - Liu Qiangdong's return to the front lines has led to a focus on the food delivery and instant retail sectors, with no short-term revenue or profit targets set for these new initiatives [2][10]. - JD.com is facing intense competition in the e-commerce market, particularly from Alibaba, Pinduoduo, and Douyin, which are aggressively targeting JD's core categories [2][10]. Cost Management - Despite an increase in overall expenses, JD.com managed to keep the growth of most cost items below the revenue growth rate, with operating costs rising by 15% to 253.2 billion yuan [8]. - The company is focusing on improving efficiency through AI and performance assessment reforms [8]. Market Challenges - JD.com is under pressure from market share erosion by competitors like Pinduoduo and Douyin, which are targeting key categories such as 3C and beauty products [10][11]. - The company aims to attract new core users and increase the purchase frequency of existing users through new business initiatives [10][11]. Future Outlook - The success of new business ventures, such as food delivery, is crucial for JD.com to expand its market share and enhance user retention [11]. - Liu Qiangdong's personal involvement in the food delivery sector is seen as a strategy to leverage his influence for rapid business integration and market penetration [11].

以下文章来源于财联社AI daily ，作者朱凌 财联社AI daily . 财联社及科创板日报旗下产品——未来已来，AI前沿，独家、深度、专业！ 本文来自微信公众号： 财联社AI daily （ID：gh_f7653dea6e99） ，作者：朱凌，题图来自：AI生成 随着AI技术的发展，AI Agent （智能体） 概念愈发火热。曾经"一码难求"的AI Agent平台Manus于近日全面开放注册。根据官方公告，新注册用户每 天可免费获得300积分，并额外一次性获得1000积分。 为了验证其实用性和任务完成能力，小K以一名普通用户的身份，亲自注册了Manus，获得了1300积分，并对其与生成式AI聊天机器人的代表产品 ChatGPT分别进行了两个真实任务的测试。 第一个测试任务是：下载Manus产品负责人张涛在Manus推出前发布的一段名叫"为什么以前我不爱和人聊Agent"的演讲视频，提取MP3音频，转写成 文字，并进一步生成PDF和PPT文件。 Manus接收到指令后，开始了一场漫长且曲折的"系统工程之旅"。它不断在Linux沙箱的终端中尝试安装如BBDown、you-get、FFmpeg、Whisper ...

Core Viewpoint - The article discusses the recent developments in US-China trade relations, particularly focusing on the significant progress made during the Geneva trade talks, where both sides agreed to reduce tariffs substantially, indicating a potential easing of trade tensions [2][4]. Group 1: Signals Released - The urgency from the US side is heightened due to upcoming holidays that require timely product shipments, which could impact the domestic market if unresolved [4]. - The trade friction, if not addressed, could lead to inflation and negatively affect the US stock and bond markets, which is undesirable for the Trump administration [4][5]. - Both countries recognize the need for cooperation, with the US requiring a stable relationship with China for economic reasons, while China aims to avoid deterioration in relations for mutual benefits [5][6]. Group 2: Disadvantages of "Reciprocal Tariff" Policy - Trump's tariff policy is not new but reflects his long-standing focus on tariffs and immigration issues, aiming to boost US revenue and reduce trade deficits [8]. - The policy risks exacerbating inflation and weakening the global competitiveness of US companies, while also alienating major trade partners [8][9]. - The long-term impact on the US's international image and economic cooperation could be detrimental, as the country faces growing skepticism regarding its economic direction and policy stability [9]. Group 3: US in a "Trial and Error" Phase - The fundamental impact of the tariff policy is more about obstructing China's development rather than just trade relations, driven by political motives rather than economic ones [11]. - The structural contradictions in US-China relations remain unchanged, with the US facing systemic issues such as intense political rivalry, wealth disparity, racial tensions, and cultural divides [12]. - The current trend of "de-globalization" suggests that economic friction between the US and China will persist, although there are signs of positive developments from the recent talks [13][14]. - The relationship is expected to return to rationality over time, but this transformation may take about ten years, as the US navigates through its "trial and error" phase [15].

Core Viewpoint - The article discusses the urgent need for a new iteration of operating systems, particularly in the context of the rise of generative AI applications, highlighting the limitations of existing systems like Windows, Linux, and MacOS in adapting to modern demands [2][4][6]. Group 1: Current Operating System Challenges - Windows has become increasingly complex due to "patchwork code," making it difficult for developers to integrate AI applications efficiently [2][5]. - Linux, while supported by major deep learning frameworks, suffers from fragmentation across different distributions, complicating application portability [5][6]. - MacOS imposes strict limitations that hinder developers from optimizing system parameters for specific AI needs, reducing flexibility [5][6]. Group 2: The Emergence of HarmonyOS - HarmonyOS made its debut on computers during a communication event, marking a significant step in its ecosystem development, with over 1 billion users across smartphones and IoT devices since its launch in 2019 [7][8]. - The release of HarmonyOS for computers is seen as the final piece of the "Harmony ecosystem," showcasing its compatibility with AI applications due to the absence of legacy burdens [8][9]. Group 3: Technical Innovations of HarmonyOS - HarmonyOS features a fully self-developed stack from chips to the operating system, enabling seamless AI integration and user interaction through various input methods [9][11]. - The system employs a unified microkernel and a single development language, simplifying the development process and addressing application portability issues [11][12]. Group 4: Cross-Device Functionality - HarmonyOS addresses the challenges of data transfer between devices, utilizing a "distributed soft bus" technology that allows for seamless communication across devices [15][17]. - Users can transition smoothly between devices, enhancing productivity by allowing operations to continue without interruption [17][19]. Group 5: Security Features - HarmonyOS incorporates a new "Star Shield Security Architecture," achieving multiple breakthroughs in data security, including the first general-purpose OS kernel to receive CC EAL6+ certification [21]. - The system implements a comprehensive application management system to ensure security throughout the application lifecycle, addressing vulnerabilities present in older operating systems [21]. Group 6: Overcoming the Ecological Dilemma - The article emphasizes the importance of a domestic operating system in ensuring information security and autonomy, particularly in light of past incidents like the "Windows blue screen event" [24][25]. - HarmonyOS aims to break the "ecological dilemma" by fostering partnerships with software developers, facilitating the adaptation of applications to the new operating system [28][29]. - Over 150 dedicated applications and more than 300 integrated applications are expected to be adapted by the end of the year, indicating a robust growth trajectory for the Harmony ecosystem [29].

Core Viewpoint - The article discusses the return of the popular Chinese documentary series "A Bite of China" with its fourth season, which has faced significant criticism and controversy, particularly regarding its portrayal of traditional cooking methods and the associated hardships endured by chefs [3][4][36]. Summary by Sections Return of "A Bite of China" - "A Bite of China 4" marks the return of a beloved series after a seven-year hiatus since the third season aired in 2018 [3]. - The initial reception has been overwhelmingly negative, with many viewers expressing their dissatisfaction through one-star ratings and harsh critiques [4][18]. Historical Context and Impact - The first season aired in 2012 and received a high rating of 9.4 on Douban, creating a cultural phenomenon that influenced food media and dining habits across China [8][12]. - The series inspired a surge in similar food media formats and a widespread adoption of its narrative style, known as "A Bite of China style" [13][14]. Criticism of Season 4 - The first episode of Season 4, focusing on the theme of "skills," has drawn particular ire for its depiction of a traditional baking technique involving extreme physical risk to the chef [20][21]. - Viewers were disturbed by the portrayal of the chef's physical suffering, leading to comparisons with historical torture methods and raising questions about the necessity of such dangerous practices in modern cooking [33][35]. Societal Changes and Viewer Expectations - The backlash reflects a shift in societal attitudes towards traditional labor and suffering, with contemporary audiences rejecting narratives that glorify hardship without addressing the potential for modernization and safety improvements [36][58]. - The article highlights a growing empathy for individual workers and a rejection of outdated practices that compromise personal safety for the sake of tradition [59]. Quality of Production - The article argues that the fundamental issue with the fourth season lies in its production quality, which fails to effectively communicate the importance and necessity of the traditional techniques being showcased [63][64]. - The perspective of the chef as a traditional practitioner is inadequately explored, leading to misunderstandings about the value of their craft and the sacrifices involved [66]. Cultural Reflection - The series' earlier seasons successfully captured the cultural significance of food in Chinese society, intertwining culinary art with themes of resilience and community [77][81]. - In contrast, the fourth season is criticized for focusing excessively on suffering without highlighting the human spirit and aspirations for a better future, resulting in a loss of the series' original charm and depth [82][84].

Core Viewpoint - The recent agreement between the US and China to significantly reduce tariffs marks a potential turning point in their trade relations, providing a temporary relief for export companies amid ongoing trade tensions [3][4][12]. Tariff Reduction Details - On May 12, the US announced a reduction of tariffs on Chinese goods from 145% to 30%, while China reduced tariffs on US imports from 125% to 10% [3][4]. - This agreement includes a 90-day tariff suspension, which is seen as a critical opportunity for businesses to adapt and respond to market changes [4][12]. Impact on Export Companies - The tariff reductions are viewed as a significant benefit for export companies, which had faced severe disruptions due to previous tariff hikes [4][12]. - Many companies had already begun to experience order cancellations and reduced demand, with reports of some businesses losing substantial shipments during the height of the tariff increases [5][7][8]. Market Reactions and Strategies - Following the announcement, companies are rapidly adjusting their operations to capitalize on the 90-day window, with some increasing production and logistics efforts to meet potential demand [12][13]. - Exporters are also diversifying their markets beyond the US, exploring opportunities in regions like the Middle East and Europe to mitigate risks associated with US-China trade relations [14][15]. Long-term Considerations - The recent tariff changes highlight the need for export companies to develop more resilient and diversified business strategies in response to ongoing trade uncertainties [16]. - The ability to adapt quickly to changing market conditions will be crucial for companies looking to maintain competitiveness in a volatile global trade environment [16].

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，原文标题：《日本都不跪了，中国酒店人还在死撑？》，题图来源： AI生成 后来，我仔细看了下这个条例的核心，其实很简单，它的目的，不是"对抗顾客"，而是"保护从业者"，它告诉所有从业人员：当顾客的要求已经越界 时，你有权说不。 举几个例子： 有客人逼你道歉？不行。 有客人连续打电话重复诉求，甚至辱骂？不行。 有人未经许可把你的姓名牌、照片发到社交媒体上？更不行了。 而企业呢？不能甩锅，不能"客户投诉了你自己搞定"，必须站在员工这边，必须有机制保护你。 01 最近，我注意到一件挺有意思的事： 隔壁日本，那个以"服务至上"闻名全球的国家，上个月竟然开始实施《防止顾客骚扰条例》了。 看到这个新闻标题时，我还愣了一下。 啥玩意？日本？那个把"顾客当神"的国家开始给消费者"立规矩"了？ 例如，企业可以根据情况禁止一些顾客再次进店等"黑名单"惩罚措施。 简单来说， 这个条例是在"顾客是神"这句话后面，加了一个补充条款："但服务人员也 ...

Group 1: Company News - CK Hutchison Holdings Limited (长江和记实业有限公司) stated that its port transaction will be conducted in full compliance with legal and regulatory requirements, addressing shareholder and media inquiries [2] - Apple Inc. is reportedly considering raising the price of its upcoming iPhone models, which led to a pre-market stock surge of over 7%, increasing its market capitalization by approximately $200 billion [2] - JD.com and Xiaohongshu are rumored to have reached a cooperation agreement, although both companies have not yet confirmed this [4][5] Group 2: Technology and AI Developments - Microsoft co-founder Bill Gates commented that the U.S. technology blockade against China has had the opposite effect, accelerating China's advancements in technology sectors like chip manufacturing [6][7] - Google announced the launch of an "AI Future Fund" aimed at investing in AI startups, providing them with access to AI models and support from Google experts [15][16] - OpenAI released HealthBench, a testing dataset for medical AI models, which includes 5,000 real dialogues created by 262 doctors from 60 countries, showing significant performance improvements in AI models [17] Group 3: Automotive Industry - Nissan Motor Co. plans to lay off over 10,000 employees globally due to ongoing poor financial performance, which is part of a broader strategy to reduce its workforce by approximately 15% [23][24][25] - Toyota Motor Corporation denied rumors regarding a potential acquisition of Neta Auto, clarifying that it has no knowledge of such discussions [26] Group 4: Investment and Financing - Perplexity, an AI search engine company, is nearing a new funding round that could raise its valuation to approximately $14 billion, significantly up from $3 billion last year [20][21] - Meituan has led a multi-million A-round financing for the robotics company Self-Variable, which aims to enhance its AI models and robotics applications [22]