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 | AI制图 做投资的公募基金，早在七八年前就开始买GPU，是要干嘛？ 一个方向是做量化指数增强产品。 指数增强基金在国内被作为场外指数基金的一种，在以某种指数为业绩基准的同时，加入主动量化的策略，以图 在获取指数β收益的基础上，形成一部分超额收益。 "我们在持牌机构里面还是比较早做高频量价的，2018年，我提出来要买GPU，公司第一时间给我派了这个额度， 买了当时市场当中最好的硬件。"在4月22日举办的蚂蚁财富"指数时代的投资洞察和服务探索"发布会上，国泰君 安资管量化投资部总经理胡崇海这样表示。 今年以来，公募指数增强产品的成立和上报数量都有大幅增长。 同时，在代销渠道上，指数增强基金作为公募行业里的一个小赛道，也终于迎来重量级选手的发力。 4月22日，蚂蚁财富发布一站式指数投资服务平台"指数+"，由多家机构提供更稳的宽基指数增强产品，此外，平 台还提供了丰富的工具和数据信息，呈现全球市场行情数据，并提供配置、定投等指数投 ...

Core Viewpoint - The article discusses the saturation of the ride-hailing market in China, highlighting the challenges faced by drivers and the emergence of a new platform, "Xiao La Chuxing," which offers a different business model aimed at improving driver income and providing a more flexible working environment [1][2][3]. Group 1: Market Saturation and Driver Challenges - Multiple transportation authorities have issued warnings about market saturation in ride-hailing services, with Shenzhen and Haikou being notable examples [1]. - The number of ride-hailing drivers surged by 1.48 million in 2023 and an additional 910,000 in 2024, leading to a situation where drivers are struggling to earn a sustainable income [2]. - Drivers report a significant disparity in earnings, with some making as much as 20,000 yuan a month while others earn as little as 80 yuan a day, reflecting the competitive and challenging nature of the market [1][2]. Group 2: Emergence of Xiao La Chuxing - Xiao La Chuxing has become a new avenue for drivers seeking better income opportunities, particularly in smaller cities like Guiyang and Zunyi [4][6]. - The platform's unique "self-picking order model" allows drivers to choose orders based on their preferences, providing greater flexibility and reducing the pressure associated with forced dispatch [6][9]. - Drivers on Xiao La Chuxing report feeling more respected and having more control over their work compared to traditional platforms [6][8]. Group 3: Business Model and Competitive Advantage - Xiao La Chuxing differentiates itself by maintaining lower commission rates, with membership drivers facing a maximum commission of 10% and some cities offering rates as low as 1% [16][19]. - The platform's approach avoids the high commission structures prevalent in the industry, which often exceed 30%, thus providing a more favorable environment for drivers [14][15][16]. - By focusing on a low-commission model and avoiding aggressive subsidy strategies, Xiao La Chuxing aims to create a sustainable business that benefits both drivers and passengers [19][20]. Group 4: Market Positioning and Growth Strategy - Xiao La Chuxing is positioned as a "Plan C" for drivers, offering a low-cost alternative in the ride-hailing market, akin to how Pinduoduo operates in e-commerce [25][26]. - The platform leverages partnerships and traditional marketing methods, such as collaborations with logistics services, to enhance its visibility and user base without incurring high advertising costs [21][23]. - The introduction of additional services, such as "four-wheel small items" delivery and ride-sharing, has further diversified the platform's offerings and income sources for drivers [23][24]. Group 5: Challenges and Future Outlook - Despite its innovative model, Xiao La Chuxing faces challenges related to market saturation and uneven order distribution, particularly in smaller cities where demand may not meet supply [29][30]. - Drivers report difficulties in securing orders, leading to income instability, especially in regions with lower demand [30][31]. - The platform's focus on low-cost services may limit its appeal to higher-end customers, as it does not provide vehicle quality options, which could affect user experience [31][32].

Core Viewpoint - The real estate pre-sale system is at a turning point, with a nationwide shift towards promoting the sale of completed properties and gradually phasing out shared area calculations [1][2][4]. Group 1: Current Trends and Signals - Over 20 cities in China have released documents to promote the transition to completed property sales, indicating a significant policy shift [1]. - The proportion of completed property sales has increased from 10% to over 30%, compared to a peak where nearly 90% of properties were sold pre-sale [8]. - Financial regulatory bodies are accelerating the introduction of financing systems compatible with new real estate development models [5][6]. Group 2: Challenges of Reforming the Pre-sale System - The core of the pre-sale system is high turnover, allowing developers to quickly recoup funds and reinvest in new projects, which has been beneficial in the past [15][17]. - However, the current market dynamics have revealed significant drawbacks, including risks of incomplete projects and lack of consumer trust in pre-sale properties [18][19]. - A complete abolition of the pre-sale system could disrupt existing developers' cash flows, complicating market stabilization efforts [21][22]. Group 3: Historical Context and Comparisons - The pre-sale system and shared area calculations were originally adopted from Hong Kong, which has since moved away from these practices, emphasizing practical area for pricing [32][33]. - Hong Kong has implemented strict regulations to ensure that developers have sufficient funding and oversight, significantly reducing the occurrence of incomplete projects [35][36]. - The real estate market is evolving, and the high turnover, high leverage, and high debt models are becoming outdated [37].

以下文章来源于商业弧光 ，作者柳柳 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜柳柳 编辑｜苗正卿 题图｜视觉中国 看似业绩还在平稳增长的背后，关税压力、供应链成本飙升及消费疲软正在成为压垮"美国鞋王"斯凯奇 的"隐形杀手"。 近日，斯凯奇宣布同意被知名投资公司3G资本收购，这一消息震惊市场。后者曾主导百威英博、汉堡王和 卡夫亨氏等多起大型收购案。 根据协议，3G资本将以每股63美元的现金收购斯凯奇所有流通股，交易预计在今年第三季度完成，交易总 额约94亿美元。交易完成后，斯凯奇将从纽交所退市，转为私人控股企业。 斯凯奇现任董事长罗伯特·格林伯格及核心管理团队将全员留任，私有化后的战略重心将转向"供应链弹性建 设"，包括在越南增设自动化工厂、在墨西哥布局区域配送中心。 斯凯奇方面对虎嗅表示，私有化目前对于中国市场的组织架构不会有影响。彭博社指出，此次私有化将帮 助斯凯奇缓解关税压力。在没有上市公司报告的要求后，公司将能够采取措施，使其免受关税影响。 机构普遍观点，斯凯奇选择此时私有化，实为规避上市公司监管压力，以便在关税风波中掌握更大的经营 自主权。 供应链转移阵痛 关税引发的 ...

出品丨虎嗅汽车组 作者丨肖漫 头图丨视觉中国 尽管账上有千亿现金，但理想还没有迎来躺着数钱的时候。 理想今年的销量目标是70万辆，比去年多了20万，而理想规划的新车型仅有理想i8和理想i6两款，且都在下半年发布，其他均为改款焕新。销量的重 担，依然落在L系列上。然而，L系列的销量疲势已经出现，近4个月都未能突破月销4万辆的瓶颈，不及去年下半年的表现。 一季度承压明显，进入四月，理想逐渐出牌。先是在上海车展发布MEGA家庭版车型，并在 5 月 8 日发布了 L 系列的智能焕新版（即L系列的2025 款）。 理想的打法是"加量不加价"，除了全系升级智能辅助驾驶硬件，L7/8 是全系标配魔毯双腔空悬、新增 52.3kWh 大电池，L9 则是用上了双枪双阀魔毯空 气悬架、十八点热石按摩等配置。 理想的刀法落得很精确，增配的目的显然是保量。理想手上的牌仅剩理想i8和理想i6，接下来的战，理想要怎么打？ 理想L系列，尚能战否？ 理想的第一道难关，是要守住增程车型的基本盘。 今年以来，理想L系列车型经历了不同程度的下滑，销量扛把子L6升至回到了去年刚上市的水平，L7的单月销量也都在一万以下。 数据来源： 车主之家 理想L系 ...

Core Viewpoint - Alibaba must let go of past achievements and return to its entrepreneurial roots, adopting a mindset of starting anew to navigate the new era driven by AI technology [2][8][11] Group 1: Strategic Focus - The company will implement a "saturation investment" strategy, concentrating on several core battles involving multiple business units to leverage their strengths [2][6] - Key areas of focus include domestic and international e-commerce, AI and cloud computing, and internet platform products, with an emphasis on achieving significant breakthroughs in AI to consumer applications [2][6] Group 2: Organizational Changes - Internal strategies are being developed to facilitate cross-departmental talent mobility, promote young high-potential talent, and retain core technical talent [3][6] - The company is restructuring overlapping resources and organizations to enhance collaboration, with further organizational adjustments and personnel changes expected in the current fiscal year [3][6] Group 3: AI Integration - All core businesses are undergoing AI transformation, with "AI incremental indicators" incorporated into employee performance evaluations [6][8] - AI is seen as a solution to common challenges faced by internet giants, such as departmental silos and efficiency issues, with the potential to reshape business processes and improve communication [6][8] Group 4: Cultural Shift - The recent "510 Alibaba Day" serves as a reminder for the company to embrace a new entrepreneurial spirit, symbolized by the recreation of the original startup location [4][10] - The leadership emphasizes the importance of breaking away from past successes and organizational inertia to foster innovation and adaptability in the face of AI advancements [9][11]

AI卷起的财富风暴。 出品 | 虎嗅科技组 作者 | 房晓楠 以下文章来源于AGI接口 ，作者房晓楠 AGI接口 . 编辑 | 苗正卿 头图 | AI制图 人类会被AI替代吗？ 在一份覆盖国内11814名职场受访者的调研报告（长江商学院张晓萌教授领导力与行为心理研究中心出品）中，一组数据显示，"重度AI 替代担忧者的抑郁比例高达34.13%，远高于经济衰退焦虑群体"，这表明，AI冲击对职场人心理健康的负面影响甚至要强于经济衰退。 同样是在这份调研报告中，高达85.53%的受访者对AI可能对自己的就业带来冲击表示担忧，甚至67.57%的受访者认为替代进程将在未来 五年内发生。 但另一方面，与这种焦虑和替代担忧相对应的是，大多数人也并不否认AI在提升效率上的优势，尽管存在焦虑，但仍对AI的长期社会效 益持有一种乐观态度。 既焦虑，又乐观。这似乎是一个矛盾。 在长江商学院教授张晓萌看来，这看似不可调和的矛盾背后，存在着一个重要的调节变量，即你是否真的知道AI是什么？大多数时候， 人类的恐惧往往来自于未知，当你勇于直面，认知达到一种程度的时候，悲观恐惧就会被乐观取代。 作为研究者，我想用数据来呈现当前人们对AI工具的 ...

Core Viewpoint - The article discusses the increasing presence of "second-generation" individuals, who benefit from their family backgrounds, in various industries and the implications for social mobility and competition among different talent levels [3][4][5]. Group 1: Impact of Second-Generation Individuals - The presence of second-generation individuals may block some social mobility opportunities, but their impact is not as significant on truly talented individuals [3][5]. - The real competition arises between those with average to above-average talent who are hardworking and second-generation individuals who may have less ability but possess advantageous backgrounds [4][5]. - In stable environments, second-generation individuals tend to thrive, as these settings often do not require high levels of creativity or innovation [6][8]. Group 2: Industry Dynamics - Second-generation individuals are less likely to engage in high-tech or entrepreneurial roles, which are typically reserved for highly talented or risk-taking individuals [5][6]. - Industries that have become stable and less dynamic tend to attract more second-generation individuals, leading to a reliance on background rather than merit [8][9]. - The construction industry serves as an example of a sector that has shifted from a growth phase to a stable phase, making it difficult for individuals without connections to succeed [8][9]. Group 3: Transparency and Fairness - The article emphasizes the importance of transparency and public accountability in mitigating the advantages held by second-generation individuals [11][12]. - Publicizing achievements and qualifications can create a system of checks and balances that holds individuals accountable, thereby increasing fairness in advancement opportunities [12][14]. - The trend towards transparency is seen as irreversible, reflecting societal progress and a growing consensus against nepotism [16][17].

Core Viewpoint - The article emphasizes the importance of understanding market dynamics from a grassroots perspective rather than a high-level, luxury viewpoint, suggesting that true insights come from observing everyday consumer behavior and environments [2][8][32]. Group 1: Market Understanding - The article discusses the concept of "灯下黑" (blind spots), indicating that professionals often overlook critical market insights while focusing on high-level analysis [3][5]. - It highlights the disconnect between luxury experiences and the realities of the broader market, suggesting that frequent travelers may lose touch with the average consumer's preferences and behaviors [8][10]. - The author argues that true market understanding requires immersion in everyday environments, such as local neighborhoods, rather than just high-end commercial areas [15][17]. Group 2: Consumer Behavior - The article illustrates how consumer preferences can be misjudged, using the example of airplane meals being sold to a demographic that may not have experienced flying [4][6]. - It points out that many consumers prioritize practicality and affordability over luxury, as evidenced by the popularity of budget travel options and local dining experiences [24][26]. - The discussion includes the observation that many consumers are willing to spend on experiences that are perceived as valuable, even if they seem mundane to industry insiders [28][31]. Group 3: Industry Insights - The article critiques the reliance on traditional market theories, suggesting that businesses often miss opportunities by not adapting to the realities of consumer behavior [21][22]. - It emphasizes the need for businesses to engage with the actual market conditions and consumer sentiments rather than relying solely on data from high-end environments [12][14]. - The author notes that understanding the local market dynamics is crucial for successful investment and business strategies, as many assumptions made by analysts can be misleading [18][30].

Core Viewpoint - The article discusses the impact of a new U.S. tariff policy on Chinese e-commerce, particularly focusing on Pinduoduo and its cross-border business, which is expected to face significant challenges due to increased import duties starting May 2, 2025 [3][34]. Revenue Growth Dynamics - Pinduoduo's revenue structure has undergone significant changes, with advertising and commission revenues becoming the primary sources of income, while product sales revenue has diminished to negligible levels [6][8]. - In 2023, advertising revenue reached 1,535.4 billion, accounting for 62% of total revenue, while commission revenue surged to 941 billion, making up 38% [6][10]. - The company has shifted its strategy to focus on advertising and commissions, moving away from self-operated retail, which was a temporary measure during its early years [9][10]. Commission Revenue Surge - Commission revenue has become the main driver of growth, with a dramatic increase of 240.6% in 2023, contributing 56.8% to overall revenue growth for the first time [10][12]. - The growth of commission revenue can be divided into three phases, with the most significant increase occurring after the launch of Temu in September 2022, which adopted a full-service model [12][27]. Profitability and Cash Flow - Pinduoduo's gross profit has increased significantly, from 238 billion in 2019 to 2,400 billion in 2024, representing a growth of 908% over five years [16][20]. - The company has transitioned from substantial losses to profitability, achieving an operating profit of 1,084 billion in 2024, with a profit margin of 27.5% [19][20]. - Operating cash flow has consistently been positive, indicating high-quality earnings, with cash flow in 2024 reaching 1,219 billion, surpassing net profit [22][24]. Market Reaction and Future Outlook - Despite the negative news regarding tariffs, Pinduoduo's stock price remained relatively stable, suggesting that the market had already priced in these risks [30][34]. - Analysts believe that the cross-border business challenges are temporary, and there is potential for recovery and growth in other markets, particularly in Europe and Southeast Asia [34][35].