5月23日，A股开盘，上证指数低开0.10%，深证成指低开0.09%，创业板指低开0.12%。（编辑 王 俊勇） ...

Core Viewpoint - The article discusses the bankruptcy restructuring of Longxin Group and the legal actions taken by its former actual controller, Tu Jianhua, who claims his interests have been harmed during the restructuring process [2][14]. Group 1: Background Information - Tu Jianhua was once a billionaire and the actual controller of Longxin Group, which controlled four listed companies at its peak: Longxin General (603766.SH), Fenghua Shares (600615.SH), Hanhua Financial (3903.HK), and Qihe Environmental (0976.HK) [2][11]. - Longxin Group was included in China's top 500 enterprises for 18 consecutive years [2]. Group 2: Bankruptcy Restructuring Process - On January 30, 2022, Chongqing Fifth Intermediate People's Court accepted the bankruptcy restructuring application for Longxin Group and thirteen other companies due to debt defaults [4]. - The restructuring plan was approved by the court on November 21, 2022, after a creditors' meeting [7]. - The total asset valuation of the thirteen companies was assessed at 10.825 billion yuan, with a confirmed debt of 36.76 billion yuan, indicating insolvency [8][9]. Group 3: Legal Actions and Claims - Tu Jianhua filed a lawsuit against the restructuring managers, claiming damages for not being able to enjoy the restructuring rights associated with his shares in Longxin General [14]. - He is seeking compensation of approximately 30.89 million yuan for losses incurred due to the restructuring process [14]. - The lawsuit highlights concerns over the management's decision to change the restructuring plan from a comprehensive approach to a segmented sale without proper approvals [14]. Group 4: Changes in Control - As of December 27, 2024, the control of Longxin General was transferred to Zongshen Group, led by Zuo Zongshen, marking a significant shift in ownership [15][16]. - The establishment of a new holding company, New Longxin Holdings, which was supposed to grant Tu Jianhua a 5% equity stake, has been rendered void due to the asset restructuring [12].

Core Viewpoint - The report suggests that investors should break free from a single-minded focus on returns, actively avoid short-term timing and emotional decisions, and leverage the power of time to smooth out market fluctuations [2][6]. Summary by Sections Investor Return Gap - The report analyzes the "investor return gap" in the context of the Chinese market, focusing on the difference between fund returns and investor returns as of December 31, 2024, highlighting the impact of timing decisions on final returns [2]. - Investor returns are typically lower than fund returns due to poor timing decisions, leading to a "buy high, sell low" phenomenon [2][3]. Performance of Different Fund Types - As of December 31, 2024, the five-year annualized investor return gaps for higher-risk products like equity-focused funds are -2.17%, -2.65%, and -3.59%, while lower-risk products like conservative mixed funds and fixed-income funds show gaps of -0.86% and -0.62% respectively [3]. - Despite higher fund returns in aggressive equity funds, investor returns lag significantly due to high volatility associated with these products [3][4]. Behavioral Insights - Investors often overlook potential risks due to blind chasing of high returns, leading to lower investor returns compared to fund returns, particularly in sector funds that attract significant follow-on investments during market upswings [4]. - When sectors face downturns, investors may panic and sell at low points, missing out on potential rebounds [4]. Sector-Specific Analysis - The report highlights the investor return gaps in the healthcare and consumer sectors, with five-year annualized gaps of -7.70% and -7.11% for healthcare, and -5.16% and -5.36% for consumer sectors [5]. - The surge in demand during 2020-2021 was followed by a decline in growth, leading to net outflows from these sectors [5]. Recommendations for Investors - Investors are advised to carefully assess their risk tolerance and select funds that align with their risk preferences, emphasizing the importance of a diversified investment portfolio to mitigate risks [5][6]. - The report advocates for a long-term holding strategy, encouraging investors to avoid short-term timing and emotional decisions to enhance long-term asset appreciation [6].

时间来到2025年4月2日，美国总统特朗普在白宫签署两项关于"对等关税"的行政令，宣布美国对 贸易伙伴设立10%的"最低基准关税"。特朗普展示的图表中，美国对中国实施34%的"对等关税"， 对欧盟实施20%，对中国企业出海投资比较集中的越南、泰国、印尼的"对等关税"分别是46%、 36%与32%。 美国的关税政策扰乱了中国企业国际化的布局，也影响了众多企业对未来经济发展的信心。为此， 促进会在4月10日晚组织了一期主题为"美国'全球加税'，出海走向何方？"的论坛，邀请专家与企 业家共同探讨中国企业国际化的新问题。 本文即将成文之际，《中美日内瓦经贸会谈联合声明》发布，但全球化、世界贸易存在的是结构问 题，中国企业新的国际化已然开始，未来企业仍将沿着既定方向深度布局，不应该因此而偏移。 拳击赛中的"贴近搂抱" 美国的关税政策扰乱了中国企业国际化的布局，也影响了众多 企业对未来经济发展的信心。就在本文即将成文之际，《中美 日内瓦经贸会谈联合声明》发布，但全球化、世界贸易存在的 是结构问题，中国企业新的国际化已然开始，未来企业仍将沿 着既定方向深度布局，不应该因此而偏移。 作者： 谢泓 封图：图虫创意 2024年底 ...

Core Viewpoint - The launch of the HUAWEI MateBook Fold marks a significant breakthrough for China's domestic computer operating system, indicating a shift in the PC industry towards self-reliance and innovation in the face of global challenges [2][3][21]. Group 1: Importance of Self-Developed Operating Systems - The necessity for self-developed computer operating systems arises from the digital era and the 5G Internet of Things, which demand systems that can support interconnectivity and collaboration among devices [2]. - The current global landscape of operating systems is highly concentrated, with Windows holding over 70% market share and macOS over 10%, making it challenging for new entrants [3]. Group 2: Technical Challenges and Innovations - HUAWEI's HarmonyOS for computers is a fully self-developed system, achieving 100% independence from Linux or Windows, with a focus on a microkernel architecture that reduces code redundancy and enhances security [5][6]. - The development process is complex, requiring a balance between compatibility with existing software and the need for innovation, as traditional systems have extensive legacy code [6]. Group 3: Ecosystem Development - Building a software ecosystem for computers is more challenging than for mobile devices, as the existing software landscape is dominated by Windows and macOS [10]. - As of May 19, 2025, over 150 dedicated computer applications have been adapted for HarmonyOS, with expectations to support over 2000 applications by the end of the year [10][13]. Group 4: User Experience and Security - HarmonyOS integrates AI deeply into the operating system, enhancing user experience through features like seamless cross-device collaboration and innovative interaction methods [18][20]. - The system employs a multi-layered security architecture, including chip-level encryption and strict application governance, to ensure data security and privacy [20]. Group 5: Industry Impact - The release of HarmonyOS for computers signifies a historic leap for China's tech industry, transitioning from a technology follower to a rule-maker in the global tech landscape [21]. - The development of HarmonyOS is expected to stimulate the domestic software industry and promote the growth of local enterprises, creating a more self-sufficient technology ecosystem [14][21].

Core Viewpoint - The collaboration between Gree and Meng Yutong may generate temporary buzz, but the fundamental issues lie in Gree's unclear strategy and lack of innovation, rather than a deficiency in traffic [1][4]. Group 1: Recent Developments - On May 20, Gree's chairman, Dong Mingzhu, and Meng Yutong, previously labeled as Dong's "successor," reunited on social media, indicating a potential reconciliation after Meng's departure from Gree two years ago [2]. - Meng Yutong shared a message from Dong Mingzhu, and Gree's official account welcomed her back, hinting at a business motive behind their public interaction [2]. Group 2: Financial Performance - Gree's revenue has stagnated, with a reported 7.31% year-on-year decline in 2024, marking the first negative growth in four years, while competitors like Midea and Haier continue to show positive growth [2][3]. Group 3: Challenges and Market Position - The partnership with Meng Yutong may create short-term sales boosts through live streaming, but Gree's long-term success depends on aligning its products and sales channels, not merely on generating traffic [3][4]. - Gree's reliance on Dong Mingzhu's personal brand and traditional marketing strategies has hindered its appeal to younger consumers, contrasting with competitors like Midea and Xiaomi, which focus on minimalist design and smart home ecosystems [4]. Group 4: Strategic Reflection - The collaboration with Meng Yutong may not yield positive results if Dong Mingzhu's views do not evolve, as her past statements have often conflicted with the values of younger demographics [4]. - The company must prioritize product strength and business model restructuring over mere traffic generation to avoid falling behind in the market [4].

Core Viewpoint - The article highlights the challenges faced by foreign-funded public funds in the bond fund sector, where despite a significant number of products, many are struggling with small scales and poor performance, leading to potential fund terminations [2][3][10]. Summary by Sections Market Overview - As of May 19, the total number of bond funds in the market exceeded 3,800, with a total scale surpassing 10.1 trillion yuan. However, foreign-funded public funds only manage 73 bond funds with a combined scale of approximately 117.9 billion yuan, accounting for about 1.17% of the total market [2][3]. Product Performance - Many foreign-funded bond funds are experiencing a "miniaturization" effect, with nearly 30% of their products having scales below 200 million yuan. For instance, the Fidelity China Government Bond Fund faced significant redemptions, dropping from an initial scale of 2.4 billion yuan to 30 million yuan within eight months [2][6][8]. Challenges Faced - Foreign-funded public funds are encountering multiple challenges, including a lack of competitive channels and a cautious approach to bond selection due to risk control considerations. This has resulted in smaller scales and insufficient yield competitiveness for their bond funds [3][8]. Recent Developments - In 2024, foreign-funded public funds have focused on expanding their bond fund offerings, with several new products launched. However, many of these funds have not maintained their initial scales, with significant reductions observed shortly after launch [4][5][6]. Performance Comparison - The average yield of foreign-funded bond funds is 0.47%, which is lower than the overall market average of 0.63%. Some funds have recorded negative returns, indicating performance issues that may contribute to their inability to retain scale [10][11]. Market Dynamics - The bond fund market has seen a contraction in scale, particularly in pure bond funds, which have experienced net redemptions. As of the end of the first quarter, the total scale of bond funds was approximately 10.07 trillion yuan, a decrease of nearly 482 billion yuan compared to the end of 2024 [11].

Core Viewpoint - The "low-volatility fixed income+" products have become a core choice for medium to low-risk investors due to their characteristics of "seeking progress while maintaining stability" in a market environment where high-yield assets are scarce and wealth management is fully net worth-based [1][2]. Market Environment - The transition to net worth-based wealth management and the increasing scarcity of high-yield assets have compressed the return space for traditional bank wealth management and pure bond funds [2]. - The volatility in the capital market has made many investors hesitant towards equity assets, making low-volatility "fixed income+" products an ideal bridge between pure bonds and equities [2]. - The bond market is expected to perform well in 2024, providing a favorable operating environment for "fixed income+" strategies, with strict drawdown control attracting significant capital inflows [2][3]. Product Strategy - The "low-volatility fixed income+" product strategy is clearly defined, aiming to maintain low volatility while flexibly responding to market fluctuations to strive for returns [4]. - The product line is designed to fill the gap between pure bonds and stocks, creating various strategy combinations such as low-volatility and balanced types through flexible stock-bond pairing [3][4]. Investment Management - The management of "fixed income+" products requires a combination of macro asset allocation and in-depth research on specific assets, which the company has achieved through a systematic investment research framework and a dual-fund manager decision-making mechanism [6][8]. - The investment process includes a three-tier asset assessment framework: weekly monitoring, monthly asset tracking, and quarterly comprehensive analysis, ensuring professional and timely investment decisions [7]. Performance and Historical Returns - The "low-volatility fixed income+" products have demonstrated strong performance, with the BoShi Stable Return Fund achieving a cumulative return of 97.88% since its inception in 2011, significantly outperforming its benchmark [10]. - The BoShi Stable Value Fund has also shown impressive long-term performance, with a cumulative return of 173.23% since its establishment in 2007, far exceeding the benchmark [10]. - Other low-volatility "fixed income+" products have also performed well, consistently creating value for investors while maintaining strict risk control [11]. Team Expertise - The investment team consists of experienced professionals, many with over 10 years in the securities industry, ensuring a mature investment philosophy and stable operational style [12][13]. - The team employs a collaborative decision-making mechanism, integrating fixed income and equity investments to enhance the performance of low-volatility "fixed income+" products [13].

Core Viewpoint - Xinwang Bank has been deeply engaged in digital inclusive finance since its establishment, leveraging advanced financial technology, robust big data risk control, and efficient internet open platform operations to serve small and micro enterprises and support the private economy [1][2][4]. Group 1: Digital Inclusive Finance - The private economy contributes over 50% of tax revenue, 60% of GDP, 70% of technological innovation, 80% of urban employment, and 90% of enterprises in China, highlighting its critical role in national economic development [2]. - Xinwang Bank adheres to the principle of "two onlys": only engaging in businesses that can be risk-controlled through technology and only serving customer segments that mainstream banks cannot adequately serve [2][4]. - The bank's digital credit services have significantly supported rural revitalization, creating a smart financial network that penetrates deeply into the real economy [2][4]. Group 2: Digital Operations and Technology - Xinwang Bank is building a "four horizontal and four vertical" digital operation system, focusing on data asset operation, refined business operation, and efficient decision-making [5]. - The bank has set a "119" digital capability construction goal, aiming for 100% coverage of data collection, 100% implementation of data applications, and 90% self-service data usage among all employees [5][6]. - The integration of digital capabilities into business development has significantly enhanced operational efficiency and decision-making effectiveness [6]. Group 3: AI and Smart Services - Xinwang Bank has developed an AI service platform widely used in various processes, including intelligent customer service, loan management, marketing, and risk control, with daily usage exceeding one million calls [7]. - The bank employs advanced technologies like big data and AI to create a comprehensive resource database, enhancing marketing strategies and risk management [7]. - The bank's digital inclusive financial services have effectively addressed the financing challenges faced by small and micro enterprises, allowing for flexible loan options and efficient risk control [7][10]. Group 4: Reaching Underserved Markets - Xinwang Bank targets "credit white households," a significant group with unmet credit needs, using digital technology to overcome barriers in reaching these customers [8]. - The bank's operations are characterized by a "inclusive supplement" approach, primarily serving clients from lower-tier cities and rural areas who lack sufficient credit history [8][11]. - The bank has issued over 360 million digital inclusive loans, benefiting approximately 40 million new citizens, individual businesses, farmers, and small enterprises across the country [11]. Group 5: Support for Rural Revitalization - Xinwang Bank supports rural tourism projects by analyzing operational data to establish creditworthiness, thus fostering local economic growth [12]. - The bank's financial services have enabled entrepreneurs, such as those in agriculture, to access timely funding without collateral, enhancing their operational efficiency [13]. - The bank's digital financial services are transforming the landscape of rural finance, ensuring that every dream is nurtured through accessible financial support [14]. Group 6: Commitment to Sustainable Development - Xinwang Bank emphasizes green development and has been a pioneer in integrating environmental impact assessments into its operations [16][17]. - The bank has achieved carbon neutrality for its historical operations and continues to disclose its environmental efforts annually [16]. - By exploring standardized and digital pathways for green finance, Xinwang Bank aims to support rural revitalization and sustainable development through differentiated financial support for eco-friendly projects [17].

面对不断演进的 AI 周期，百度正以一种"减速执行、聚焦回 报"的方式向外界交出答卷。如果说模型是百度 AI 的肌肉，那 么"云 + 自动驾驶"就是它的骨架。下一个周期的高点，或许将 从这些"已跑通"的场景中诞生。 作者：舟飞 封图：图片资料室 5 月 21 日晚，百度发布 2025 年第一季度财报，盘前涨超 2% 。财报显示显示 Q1 总营收达 325 亿元，百度核心收入 255 亿元，同比增长 7% ，均超市场预期。 一季度，百度核心净利润同比增长 48% 至 76.3 亿元。智能云持续强劲增长，同比增速达 42% 。 财报显示，截至 5 月，萝卜快跑在全球累计提供超 1100 万次的出行服务。 尽管市场仍在观望 AI 商业化的拐点是否真正到来，但这份财报无疑为资本市场注入了更多信心： 包括桥水、富达在内的多家全球投行在一季度对百度进行了数量级的增持操作。 其中，桥水的持仓从不到 20 万股跃升至超 210 万股，增幅超过 10 倍；富达的持股也从 33 万多 股提升至逾 250 万股；美国方舟投资公司（ ARK ）的创始人兼首席执行官 " 木头姐 " 则在一个 半月内 6 次增持百度，累计持仓翻倍。这并 ...