"五一"小长假期间，海外市场仍在交易。 从最新情况看，中国资产相关的股票和人民币汇率都出现明显走强。虽然今年以来的宏观不确定性带来巨大扰 动，但明星私募们对于中国股市的看法继续保持乐观。 中国资产飘红 截至5月2日，海外市场中国资产走势强劲。 外汇市场上，离岸人民币兑美元大涨逾600点，回到7.21附近，表明外资对中国资产信心增强。股市方面，首 先是港股收盘大涨，恒生指数收涨1.74%，恒生科技指数收涨3.08%，代表公司腾讯上涨2.56%，阿里巴巴上涨 3.8%，小米集团更是涨超6%。 隔夜美股市场中概股也大幅走强，纳斯达克中国金龙指数上涨3.5%。热门中概股大多上涨，小鹏汽车上涨 5.84%，京东上涨4.93%，阿里巴巴上涨4.34%，哔哩哔哩上涨2.83%。 越来越多大型海外机构表达出了对于多元化资产配置的需求。美国桥水最新观点认为，我们已进入新的地缘政 治与宏观经济范式，这一转变给全球市场与投资组合带来紧迫挑战。当前全球资产配置仍延续着旧范式下的逻 辑，即较为集中地配置那些受益于美国经济增长、美联储积极应对及美国相对优势的资产(例如美国股票)。然 而，一旦未来形势发生转变，这种资产配置将会面临风险。 ...

Core Viewpoint - The male-oriented drama segment on platforms like Youku has faced significant challenges, with many projects failing to launch or perform well, leading to a strategic shift towards more stable content types and budget cuts [1][3][4]. Group 1: Market Dynamics - The male-oriented drama market has not expanded significantly, remaining constrained by a focus on niche quality and high-investment blockbusters, resulting in unstable investment returns [1][4]. - The competition among long-video platforms has intensified, leading to a shift from exploring new audience segments to focusing on existing user bases and premium content [1][8]. - The number of male-oriented dramas announced for 2024 has nearly halved compared to 2023, indicating a downward trend in production expectations [8]. Group 2: Project Performance - Youku's male-oriented dramas like "Shaonian Ge Xing" and "Yiren Zhi Xia" have had decent viewership and reception, but overall, the platform has struggled to produce a major hit in the male-oriented category [4][5]. - Several high-profile male-oriented projects have been delayed or failed to launch, including adaptations of popular novels, which contrasts with successful examples from competitors like Tencent and iQIYI [5][6]. - The success rate of male-oriented dramas is low, with only a handful performing well out of approximately 40 released from 2019 to 2024 [8][10]. Group 3: Strategic Shifts - In response to budget constraints, Youku has begun to cut back on high-investment male-oriented dramas, indicating a strategic pivot towards more manageable projects [3][11]. - The platform's new policy requires the production of pilot previews for all approved projects, which may influence long-term decision-making regarding project approvals [6][7]. - The industry is entering a "cost-cutting and efficiency-enhancing" phase, suggesting that future male-oriented dramas may need to redefine what constitutes "incremental" success [11].

Group 1 - The 2025 Shanghai Auto Show showcased various "next-generation cars" modified by young people, highlighting the growing influence of youth culture in the automotive sector [2] - Bilibili (B站) has become a hub for car enthusiasts, with a diverse range of automotive culture including pain cars, racing, off-roading, and modifications, reflecting the interests of a high-density young demographic [2] - The popularity of pain car culture, which integrates anime and game character elements into vehicle designs, demonstrates the increasing voice and impact of the younger generation in automotive consumption and culture [2] Group 2 - Car company executives are actively engaging with the youth audience on Bilibili, even participating in sessions to communicate advanced technologies to the tech-savvy younger demographic [2] - Bilibili has established a content community focused on automotive education, exemplified by automotive UP master @保镖的车库, who breaks down complex technologies in an accessible manner [3] - The intersection of hardcore automotive technology and the cultural creativity of Generation Z on Bilibili is creating a new automotive ecosystem that transcends traditional vehicle displays [3]

4月29日，哔哩哔哩(BILI)盘中上涨2.08%，截至21:54，报17.63美元/股，成交453.76万美元，总市值 73.69亿美元。 财务数据显示，截至2024年12月31日，哔哩哔哩收入总额268.32亿人民币，同比增长19.1%；归母净利 润-13.47亿人民币，同比增长72.07%。 大事提醒： 5月22日，哔哩哔哩将披露2025财年一季报（数据来源于纳斯达克官网，预计披露日期为美国当地时 间，实际披露日期以公司公告为准）。 资料显示，哔哩哔哩股份有限公司是中国年轻一代的标志性品牌及领先的视频社区。公司的网站创立于 2009年6月,并于2010年1月正式命名为"哔哩哔哩",公司提供全方位的视频内容以满足用户多元化的兴趣 喜好,并且围绕着有文化追求的用户、高质量的内容、有才华的内容创作者以及他们之间的强大情感纽 带,构建了公司的社区。公司的使命是丰富中国年轻人的日常生活。公司的品牌主张是"你感兴趣的视频 都在B站"。在公司的社区中,用户及内容创作者能够发现基于不同兴趣的多元内容并进行互动,覆盖生 活、游戏、娱乐、动漫、科技和知识等其他众多领域。公司同时支持广泛的视频内容消费场景,以专业 用户创作视 ...

Core Viewpoint - Recent updates in apps like Xiaohongshu and Weibo allow users to visualize and adjust their content preferences, addressing concerns about algorithm transparency and user control over recommendations [1][4]. Group 1: User Control Features - Xiaohongshu introduced a "content preference adjustment" feature that displays a pie chart of users' browsing preferences over the past week, allowing them to adjust recommendation intensity across categories such as fashion, food, and travel [2][3]. - Users can choose from three levels of recommendation intensity: "reduce recommendation," "default intensity," and "increase intensity," and can also delete or add content tags [2][3]. - Similar features have been implemented in Weibo and Bilibili, where users can manage their content preferences through a pie chart and adjust recommendation settings [2][3]. Group 2: Algorithm Governance and Concerns - There are growing concerns about algorithmic issues such as "killing familiarity" and "information cocooning," prompting users to call for more control over algorithmic recommendations [4]. - The implementation of the "Internet Information Service Algorithm Recommendation Management Regulations" in 2022 mandates that platforms provide options for users to opt-out of personalized recommendations and manage their user tags [4]. - In response to these concerns, major platforms have introduced options for users to toggle personalized recommendations, aligning with regulatory requirements [5]. Group 3: Regulatory Actions - A joint initiative by four ministries launched in November aims to address issues like "information cocooning" and algorithmic manipulation, with a focus on user rights and algorithm transparency [5]. - The initiative requires platforms to conduct self-assessments and report on their compliance with the regulations, which has led to various governance measures being announced by platforms like Douyin, Weibo, and Xiaohongshu [5].

汽车行业每隔一段时间，都会流行一轮"为年轻人造车"的风潮。当下，行业就已经明显进入了存量竞争 阶段，国内汽车产销量的增速逐年下降。"新鲜出炉"的年轻人们，自然而然就成为了车企争抢的"新的 增量"。 但车企往往会错误地认为，年轻人买车只要便宜就行。比如，哪吒汽车曾推出过一款 17.88 万元的纯电跑车 哪吒 GT，声称是"年轻人的第一台跑车"。结果市场并没有为此买账。 "低价=年轻化"是一个认知误区。据 B 站联合央视市场研究 （CTR） 最新发布的2025年汽车行业白皮书显 示，00 后借助家庭资源，首台车购车年龄已经低至 22 岁——几乎大学毕业即拥有车。 约四分之一的 90、00 后首次购车锁定 20 万元以上价格段，几乎是中高端汽车市场的潜在人群。 车企琢磨不透年轻人，这与 Z 世代的需求跃迁有着直接关系。他们关注的维度已从单一的价格因素转向更 综合的考量，既追求实用价值，还要满足个性化需求，更强调情感表达和生活方式契合。 车，不仅仅是交 通工具，也不再仅仅是刚需。 在 2025 年上海车展上，B 站就用一个 1500 平米的展台，展示了年轻人对车的一些理解：结合了 《碧蓝航线》游戏角色 IP 的全网首 ...

投资者持续关注全球贸易格局，周五美股延续本周涨势： 美股盘前，据上海证券报，外交部发言人郭嘉昆回应称中美并未在谈判，驳斥美方混淆视听的说法。特朗普则 表示将针对不同国家设定关税，一些国家"可能会发回来要求调整，我会考虑"。受此影响，美股开盘震荡，标 普500一度较开盘下跌0.6%。 美股早盘，美国密歇根大学消费者信心公布数据，处于历史最低位附近，长期通胀预期创1991年以来最高。数 据公布后，今年美国经济放缓的预期升温，拖累美国国债收益率走低。美国10年期国债收益率保持大约3.5个 基点的跌幅，10年期美国国债收益率一度逼近4.25%。 美股尾盘，特朗普声称不太可能再批准90天的关税暂停，标普500指数涨幅收窄。道琼斯指数和小型股指数当 日表现不佳，收盘时勉强回落至持平。受科技股提振，纳斯达克指数跑赢大盘。 本周伊始市场承压，投资者普遍处于"抛售美元资产"的交易中。然而，受特朗普贸关税态度的缓和，以及他不再威 胁要罢免美联储主席鲍威尔的影响，风险偏好情绪回归。本周油价低位反弹收盘持平，比特币价格自2月份以来首次 突破 9.5万美元。避险品种黄金价格在周中创下3500美元的历史新高后，回撤至3300美元上方。 ...

Core Viewpoint - The article discusses the current state of the stock market, highlighting the positive performance of major indices due to strong earnings expectations from tech companies, while also emphasizing the importance of investing in low-leverage stocks to mitigate risks during market volatility [1][2]. Group 1: Market Overview - All three major stock indices of Wall Street ended positively on April 24, driven by better-than-expected earnings anticipation from tech giants like Alphabet and Intel [1]. - Investors remain cautious due to recent tariff announcements by U.S. President Trump, which have caused volatility in the global stock market [1][2]. Group 2: Investment Strategy - Investors are advised to focus on low-leverage stocks to minimize risks during market downturns [2][6]. - Low-leverage stocks are characterized by lower debt-to-equity ratios, which indicate improved solvency and reduced financial risk [7][9]. Group 3: Stock Selection Criteria - The article outlines specific criteria for selecting low-leverage stocks, including: - Debt/Equity less than the industry median [11]. - Current price of at least $10 [11]. - Average 20-day volume of at least 50,000 shares [11]. - Positive earnings growth compared to the industry median [11]. - VGM Score of A or B combined with a Zacks Rank of 1 or 2 [12]. - Estimated one-year EPS growth greater than 5% [12]. Group 4: Company Highlights - **Bilibili (BILI)**: Reported 104 million daily active users in 2024, with a projected 11% sales improvement for 2025 and a Zacks Rank of 2 [13][14]. - **Kingstone Companies (KINS)**: Announced a $70 million agreement to provide replacement policies in New York, with a projected 37.9% sales improvement for 2025 and a Zacks Rank of 1 [15]. - **Engie S.A. (ENGIY)**: Secured a 10-year extension for nuclear reactors, leading to a projected 19.6% earnings improvement for 2025 and a Zacks Rank of 1 [16]. - **ASML Holding (ASML)**: Achieved a 46.3% year-over-year increase in net sales and a 92.9% increase in earnings per share, with a projected 21.5% sales improvement for 2025 and a Zacks Rank of 2 [17][18]. - **Resmed (RMD)**: Reported an 8% revenue increase and a 13% surge in adjusted net income, with a projected 9% sales improvement for fiscal 2025 and a Zacks Rank of 2 [19].

自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...

自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...