Core Viewpoint - The article discusses the ongoing issues faced by travelers regarding fluctuating airline ticket prices, high cancellation fees, and the lack of transparency in ticketing practices, particularly during the National Day holiday period in China [4][5][8]. Group 1: Ticket Price Fluctuations - Travelers have reported significant price drops in airline tickets shortly after purchase, leading to feelings of loss and frustration, with some individuals noting losses of up to 1300 yuan before the holiday even began [8]. - A report from Black Cat Complaints highlighted that high cancellation fees and sudden price drops are among the most common complaints from users, raising concerns about potential fraudulent practices by airlines and ticketing platforms [8][12]. Group 2: Cancellation and Refund Issues - The impact of Typhoon Haikui led to the cancellation of nearly 3500 flights in the Greater Bay Area, complicating the situation for travelers who faced high fees for changing or canceling their return flights [5][20]. - Many travelers have found it difficult to negotiate refunds or changes with ticketing platforms, with some resorting to legal action to protect their rights [6][21]. Group 3: Consumer Rights and Legal Recourse - The article mentions that consumers have the right to seek compensation for fraudulent practices, such as the "refund one, compensate three" rule, although many find it challenging to enforce this right [12][16]. - Instances of ticketing platforms allegedly engaging in deceptive practices, such as changing ticket prices without consent, have been reported, leading to successful claims for compensation in some cases [15][19].

出品丨虎嗅 作者丨肖漫 头图丨视觉中国 据财新网报道，娃哈哈集团的核心成员严学峰因涉嫌违纪，被杭州市上城区纪律检查委员会立案审 查，立案通知书已经发送给娃哈哈集团党委。未经纪检委同意，娃哈哈集团不得批准严学峰出国、辞 去公职，不得批准对其交流、晋升、奖励、处分或者办理退休手续。 一名娃哈哈集团高层人士表示，严学峰被调查是因为私人原因。 这意味着， 浙江娃哈哈饮用水有限公司不再有桶装水的销售经营权，而是成为杭州迅尔城通商贸有 限公司的一个代工厂。 浙江娃哈哈饮用水有限公司的外部加工厂也直接为杭州迅尔城通商贸有限公 司生产桶装水，不再为浙江娃哈哈饮用水有限公司生产，浙江娃哈哈饮用水有限公司的该部分业务也 被砍掉，营业收入和利润均减少。 不仅如此，杭州迅尔城通商贸有限公司将桶装水公司（浙江娃哈哈饮用水有限公司）的加工费用压低 至 2.75元/桶。据知情人士透露，宗馥莉又要求对销售较好的纯净水进行提价，纯净水从原来的6.5 元/桶，提价到7元/桶，利润又留给了杭州迅尔城通商贸。这些调整导致浙江娃哈哈饮用水有限公司 的利润大幅下滑。 上述行为也将导致浙江娃哈哈实业公司的分红将严重减少。 公开消息显示，浙江娃哈哈饮用水有 ...

出品 | 妙投APP 作者 | 刘国辉 编辑 | 关雪菁 图片来源 | AI制图 AI对于金融行业的渗透比预期的更快。 以往牛市中，基金业绩主要靠基金经理个人能力。本轮牛市中则有些许不同，横扫千行百业的人工 智能，也"卷"了进来。 从目前公募基金的业绩来看，对人类的好消息是，人类依然是大幅度超额收益的主要创造者；对AI 的好消息则是，它正帮着机构抬升投研能力的基线。 主动权益的"后来者"天弘，便是个例子。他们研发了一套名为TIRD的AI系统，以此强力辅助研究员 和基金经理做决策。 海通证券数据显示，截至2023年底的近三年权益业绩50强基金公司中，天弘基金并未进入前50强。 而到了2025年上半年，天弘基金在同类榜单中已经进入前50强，在截至2025年6月30日的近三年权 益业绩50强中，居于36位，实现了权益产品业绩的提升。 这颇有点"光脚的不怕穿鞋的"味道。 与基金行业的多数公司不同，早年天弘基金通过加码自己的IT技术能力，凭借余额宝的创新，快速 在规模上跃升至行业前列。此后，蚂蚁集团成为其控股股东，这让天弘成为业内少有的具有互联网 背景的公募基金公司。这样的背景和成长经历，也使之成为行业里最具互联网原生 ...

Core Viewpoint - The collaboration between NVIDIA and Intel, marked by NVIDIA's $5 billion investment in Intel and the development of the "Intel x86 with RTX" chip, signifies a major shift in the semiconductor industry after decades of rivalry, potentially reshaping the competitive landscape [4][30]. Group 1: Historical Context - NVIDIA was founded in 1993 by Jensen Huang and his partners, who identified a growing demand for graphics processing as PCs became more popular [7][8]. - Initially, NVIDIA struggled to gain traction in a market dominated by Intel, which held over 80% of the CPU market share in the early 1990s [8]. - The introduction of NVIDIA's GeForce 256 in 1999 marked a turning point, establishing NVIDIA as a key player in the GPU market [10]. Group 2: Competitive Dynamics - The early 2000s saw NVIDIA's rise as it introduced technologies like Optimus, which allowed for intelligent switching between integrated and dedicated graphics, further embedding its products in the PC ecosystem [11]. - Intel's initial indifference to the GPU market shifted as it recognized the growing importance of GPUs, leading to legal battles and competitive tensions between the two companies [14][15]. - By 2010, NVIDIA had established a stronghold in the high-end GPU market, while Intel focused on integrated graphics, leading to a stable division of market roles [17]. Group 3: Technological Evolution - The decline of Moore's Law around 2005 forced Intel to reassess its strategies, while NVIDIA capitalized on the rise of parallel computing through its CUDA architecture, transforming GPUs into general-purpose computing platforms [19][20]. - The emergence of AI in 2012, highlighted by the success of deep learning models using NVIDIA GPUs, solidified NVIDIA's position as a leader in AI computing [22][24]. Group 4: Market Positioning - By 2024, NVIDIA's market capitalization soared to $3 trillion, surpassing major tech companies, while Intel faced significant losses and market share erosion [24][30]. - The partnership between NVIDIA and Intel is seen as a strategic move to leverage each other's strengths in a rapidly evolving market, although the future dynamics remain uncertain due to emerging competitors like AMD and the rise of specialized chips [33][34]. Group 5: Geopolitical Factors - Geopolitical tensions, particularly between the U.S. and China, have influenced the semiconductor landscape, with both companies needing to navigate these complexities as they pursue their strategic goals [34][35].

Core Viewpoint - The opening of the Shenyang-Baihe high-speed railway has significantly boosted tourism in Northeast China, particularly attracting young travelers to the Changbai Mountain area, marking a transformative moment for the region's tourism industry [4][6][30]. Group 1: Impact of Shenyang-Baihe High-Speed Railway - The Shenyang-Baihe high-speed railway officially opened on September 28, 2023, and is considered a game-changer for Northeast China's tourism industry, expected to be the most important railway line for the next 5-10 years [6][30]. - Travel times have been drastically reduced: from Beijing to Changbai Mountain in 4.5 hours (down from 6 hours) and from Shenyang to Changbai Mountain in 2 hours (down from 3.5 hours), making it a more accessible destination for tourists [7][10]. - The railway's opening has ended the history of several smaller cities in Northeast China being without high-speed rail, providing them with opportunities for tourism growth [7][10]. Group 2: Young Travelers' Demographics - The primary beneficiaries of the railway are young travelers from Shenyang, who now find Changbai Mountain to be a convenient weekend getaway, allowing for multiple visits throughout the year [10]. - Young travelers from the Beijing-Tianjin-Hebei region are also expected to be attracted to Changbai Mountain due to the reduced travel time, which is within their psychological comfort zone for short trips [11]. - Southern young travelers represent another potential growth segment, as the railway provides a new transit option to reach Changbai Mountain, enhancing the region's appeal as a long-distance travel destination [12][13]. Group 3: Emerging Tourist Cities - The railway's opening is expected to spotlight lesser-known cities in Northeast China, such as Tonghua, which has developed into a significant skiing destination and is gaining popularity among young travelers [15]. - Baishan is another city poised for growth, with its proximity to Changbai Mountain and ongoing development of tourism projects, including ecological tourism and scenic areas [16]. - Local tourism businesses are preparing for increased demand, particularly in hospitality and transportation services, to capitalize on the influx of visitors [18]. Group 4: Broader Tourism Infrastructure - The simultaneous announcement of the G331 highway's full opening complements the railway, creating a new travel framework that combines rail and road travel to attract more adventurous young tourists [22][30]. - The G331 highway offers a scenic route through various landscapes and cultural sites, enhancing the overall travel experience in Northeast China [23]. - The combined effect of the railway and highway is already visible, with significant increases in travel bookings reported, particularly in cities along these routes [27]. Group 5: Economic Goals and Future Prospects - The tourism industry in Northeast China is aiming for a "trillion-yuan" revenue target, with Jilin Province leading the charge and implementing strategies to achieve this by 2030 [29][30]. - The Shenyang-Baihe high-speed railway is seen as a catalyst for this growth, potentially transforming the region's tourism landscape and contributing to its economic development [28][30].

Core Viewpoint - The article discusses the evolution of lost items in Shanghai's subway system over the past 30 years, highlighting changes in the types of items lost and the reasons behind these changes, reflecting broader societal trends and behaviors [5][10][18]. Group 1: Lost Items Statistics - The top five lost items in the subway as of August 10 include umbrellas (762 items), headphones (362 items), hats/scarves/gloves (312 items), bags (296 items), and transportation cards (275 items) [10][12]. - The number of lost umbrellas increased significantly from 556 to 762 in just one month, averaging 15 umbrellas lost per day [12][13]. - The frequency of lost headphones has surged with the rise of wireless Bluetooth technology, making them the most frequently lost electronic item [13][15]. Group 2: Historical Changes in Lost Items - A comparison of lost items over the years shows a shift from wallets, suitcases, and mobile phones being the most commonly lost items in 2014 to a current landscape where wallets have dropped to a lower rank [20][21]. - The article notes that the nature of lost items has changed, with fewer people carrying cash and more reliance on digital payment methods, leading to a decline in lost wallets [23][24]. Group 3: Seasonal and Event-Driven Trends - The types of lost items vary by season and special events, with sunglasses and hats being common in summer, while items like scarves and gloves are typical in winter [36][39]. - Significant events, such as the Chinese New Year and the first day of the China International Import Expo, lead to spikes in lost items, including cash-filled red envelopes and important documents [39][41]. Group 4: Lost Item Retrieval Process - Lost items undergo a process of collection and identification before being cataloged for retrieval, with a focus on ensuring that items are preserved in their original condition [48][49]. - The article outlines the various methods for lost item retrieval, including online reporting through the subway's official website and direct contact with subway staff [49][50].

Core Viewpoint - FILA is strategically focusing on the tennis market to enhance its position in the high-end sports fashion sector, aiming to capture the growing middle-class consumer base in China [2][5][15]. Group 1: Strategic Moves - FILA has renewed its sponsorship with the China Open, becoming the exclusive official sportswear sponsor, signaling a strong commitment to the tennis ecosystem [2]. - The company has announced three major strategic actions: collaboration with Beijing Sport University and Beijing Institute of Fashion Technology to build a "technology + aesthetics" ecosystem, signing Chinese tennis star Bu Yunzhake as its first tennis ambassador, and launching a new line of tennis equipment that combines professional performance with fashion design [2][3]. - The "ONE FILA" strategy introduced by the new CEO Jiang Yan focuses on three core directions: "brand elevation" targeting elite sports like tennis and golf, "product innovation" emphasizing functional footwear and tennis gear, and "retail upgrade" to enhance the store experience [7][8]. Group 2: Financial Performance - FILA achieved a record revenue of 141.8 billion yuan in the first half of the year, with an 8.6% year-on-year growth, exceeding expectations [8]. - Despite the revenue growth, FILA's gross margin declined by 2.2 percentage points to below 70% due to increased product investment and a higher proportion of footwear sales [12][13]. - The revenue growth from 2020 to 2024 is projected at 18.1%, 25.1%, -1.4%, 16.6%, and 6.1% for the respective years, indicating a need for revitalization after a slowdown in 2022 [5][12]. Group 3: Market Trends - The tennis market in China is expected to grow significantly, with projections indicating a market size of 624.9 billion yuan by 2029 and a compound annual growth rate exceeding 10% [15]. - The number of tennis players in China is projected to reach 25.19 million by 2024, reflecting a 28.03% increase since 2021, with a notable rise in female tennis consumers [16]. - The trend of fashionizing tennis equipment is creating a new competitive landscape, with major brands like Nike and Lululemon also entering the market, indicating a lucrative opportunity for FILA [18][19].

Core Viewpoint - The article discusses the current state of the A-share market, highlighting the significant rise of AI-related sectors and contrasting it with the underperformance of traditional value stocks, particularly in the consumer sector [4][5][10]. Group 1: Market Trends - Since the macro policy shift a year ago, the Chinese stock market has become a global highlight, with major indices like the ChiNext and STAR Market leading the way [2]. - AI-related sectors have emerged as the hottest investment areas, with specific combinations like "Yizhongtian" and "Jilianhai" gaining significant attention and investment [4]. - The "Yizhongtian" combination includes companies like New Yisheng and Zhongji Xuchuang, benefiting from global AI infrastructure demand, while "Jilianhai" focuses on domestic AI chip and server production [4]. Group 2: Investment Sentiment - There is a strong concentration of funds in AI sectors, leading to a "stronger gets stronger" effect, while traditional value stocks like liquor and dairy have seen a significant decline in interest [5][10]. - New generation investors are heavily favoring AI stocks, leading to substantial price increases for leading companies in this space, such as Cambrian Technology and Industrial Fulian [4]. Group 3: Valuation Concerns - Despite the enthusiasm for AI stocks, there are concerns about the high valuations in these sectors, with the average P/E ratios for the STAR Market and ChiNext being significantly elevated compared to traditional markets [11]. - The article highlights that the average P/E ratio for the STAR Market is 67.16 times, while the ChiNext is at 43.40 times, indicating a potential disconnect between valuations and fundamentals [11]. Group 4: Historical Context - The author draws parallels between the current market environment and past bubbles, suggesting that many investors may be overlooking the risks associated with inflated valuations in favor of speculative gains [9][12]. - Historical examples from the 2015 A-share market bubble are cited to illustrate the dangers of chasing trends without regard for underlying value [9]. Group 5: Long-term Investment Strategy - The article advocates for a long-term investment approach, emphasizing the importance of identifying stable, well-performing companies with low valuations, particularly in the consumer sector [20]. - It suggests that investors should focus on genuine technological advancements and solid fundamentals rather than speculative trends [16].

Core Viewpoint - The article discusses the challenges faced by Xueji Fried Goods, highlighting its high pricing strategy amidst a backdrop of consumer spending pressure and a shift towards more value-oriented purchasing behavior in the snack industry [6][10][29]. Group 1: Pricing Strategy and Consumer Behavior - Consumers are increasingly feeling the pressure of high prices, with anecdotes illustrating the shock of spending large amounts at Xueji Fried Goods for seemingly small purchases [6][8]. - The pricing strategy of Xueji Fried Goods appears to be carefully designed, with sales tactics that encourage higher spending, leading to consumer frustration and a sense of being "backstabbed" by unexpected costs [8][10]. - Despite the high prices, the snack market in China is projected to grow, with a market size nearing 1.4 trillion yuan in 2024, indicating a competitive landscape where consumers are becoming more discerning [10][11]. Group 2: Market Dynamics and Competition - The snack industry is undergoing significant changes, with a clear trend towards "consumption downgrade," where consumers are rejecting high-priced products [10][29]. - Xueji Fried Goods, once a darling of the capital market, is now facing a decline in performance, reflecting broader challenges in the consumer investment landscape [19][21]. - The competitive environment is intensifying, with traditional snack giants and imitators offering similar products at lower prices, putting pressure on Xueji Fried Goods' high-end positioning [33][34]. Group 3: Company Adjustments and Future Outlook - In response to declining sales, Xueji Fried Goods is implementing a "self-rescue" strategy, including the closure of several direct-operated stores and a shift towards a franchise model to reduce operational costs [24][25][27]. - The company is also adjusting its pricing strategy, moving from a high-quality focus to a more value-oriented approach, indicating a significant shift in its market positioning [27][39]. - The future of Xueji Fried Goods hinges on its ability to adapt to changing consumer preferences and find a sustainable business model amidst increasing competition and market pressures [40][41].

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。 提起中产阶级这个概念，你会想到什么？ 我脑海中浮现的第一个符号，是《辛普森一家》那样的面貌：有稳定收入、有房产、养孩子且有只狗。生活是 平庸的，平常的生活就是上学，上班，毫不起眼，极端普通。 无论在什么社会，这一群体总会被认为有点"无聊"，要是拿他们的生活拍电影，看不了15分钟都会让人昏睡过 去。但也因这种特质，总给人感觉短时且掀不起啥大浪的中产阶级，被学者称为社会稳定的压舱石。 如今，美国船舱里的压舱石，正在风浪中剧烈摇晃。 聊起美国这些年的社会大事，抽象的红脖总会成为中文互联网里最受瞩目的内容，引得阵阵点赞。 但如果你记忆力够好，你想想这两年美国的大事，你会发现过去想象中稳定，甚至是死气沉沉的中产阶级，正 在变得愈发危险。 枪击特朗普的克鲁克斯、枪杀查理·柯克的泰勒·罗宾逊都是典型美国中产阶级家庭的孩子。如果这两个例子不 具备足够的说服力，那么弥漫在街道上 ...