Core Insights - Temu, launched by PDD, has rapidly grown to 292 million monthly active users by the end of 2024, with 185.6 million in the U.S., becoming the most downloaded shopping app globally [2] - The Trump administration's new tariffs on Chinese goods could significantly impact Temu's growth and PDD's strategy to diversify away from China [4] - Meta Platforms has benefited from Temu's advertising spending, but Temu's decision to reduce ad purchases could pose risks to Meta's revenue [5][13] Group 1: Temu's Growth and Impact - Temu's user base reached 292 million MAUs globally by the end of 2024, with a significant portion in the U.S. [2] - The app's growth may be threatened by new tariffs that could impose up to 245% on imports from China, affecting PDD's business model [4] - Temu's advertising expenditures on Meta's platforms have been substantial, with estimates of $1.4 billion in 2024, representing 1% of Meta's total revenue [13] Group 2: Meta's Financial Performance - Meta's revenue and earnings per share saw significant growth from 2022 to 2024, with a compound annual growth rate of 19% and 67%, respectively [8] - In 2023, Meta's revenue from China surged 85% to $13.7 billion, accounting for 10% of its total revenue, and continued to grow by 34% to $18.4 billion in 2024 [10][11] - Despite the challenges, China remains Meta's fastest-growing market, driven by increased ad spending from Chinese companies [12] Group 3: Risks from Trade Relations - Meta's reliance on Chinese advertisers like Temu makes it vulnerable to the impacts of rising tariffs and trade tensions between the U.S. and China [14] - The potential loss of ad revenue from Temu and other Chinese e-commerce platforms could disrupt Meta's financial stability, despite its primary revenue being from advertising [14]

Core Viewpoint - Major e-commerce platforms in China, including Pinduoduo, Taobao, Douyin, Kuaishou, and JD, will abolish the "refund without return" policy, allowing merchants to handle refund requests independently after consumers receive their goods [1][8]. Group 1: Reasons for Policy Change - The "refund without return" policy has led to significant abuse, with one in three orders requesting such refunds, often using frivolous reasons [2][5]. - Reports indicate that some consumers have exploited this policy to obtain products without payment, while merchants have engaged in fraudulent activities to exploit platform subsidies [5][7]. - The decision to cancel this policy is a response to a growing imbalance in the e-commerce ecosystem, aiming to correct the situation rather than undermine consumer rights [8][10]. Group 2: Impact on Stakeholders - The cancellation of the policy will significantly affect "wool party" exploiters and gray market operations, which will face severe challenges [9]. - Consumers may initially find the refund process more complicated and may resist the change due to disrupted habits [10]. - Small and medium-sized merchants will need to enhance service and after-sales quality to remain competitive, as poor service could lead to exclusion from the market [11]. Group 3: Long-term Implications - The change is expected to lead to a reconstruction of trust mechanisms, where malicious refund seekers will be deterred, and honest consumers' rights will be better protected [13]. - Consumer rights will still be safeguarded under existing laws, promoting a more standardized approach to rights protection [14]. - The e-commerce landscape is anticipated to shift from price competition to a focus on service quality, with platforms evolving from rule enforcers to ecosystem managers [15][16].

在大众的印象里，"仅退款"这一售后政策属于国内平台原创，而真正的祖师爷是亚马逊，于2017年推出该政策，直到2021年，拼多多也上线了"仅退 款"。 "仅退款"的出现是为了减少售后流程、优化用户体验、惩戒不良商家，当消费者购买到问题商品时，顾客可发起"仅退款"，面对产品质量差、差评过多 的商品，系统会给予支持。 如《人民网》评价 "仅退款"的设计初衷有其积极意义，「一来可有效维护消费者的合法权益；二来可有力震慑一些商家，使得他们不敢以次充好。有 了"仅退款"，消费者少了后顾之忧，在平台购物更趋积极，无疑可提升平台的人气。」 在此后的两年时间里，关于"仅退款"的讨论并无多大声量，直到2023年底，淘宝、抖音、京东、快手等也相继加入阵营，随后"仅退款"开始进化为一场 飓风，掀起滔天骇浪。 从"二选一"到"仅退款"，电商平台间的竞争或多或少都损害了商家的利益。 作者 | 李小霞 编辑 | 乔芊 "仅退款"将要成为历史。 据澎湃新闻报道，拼多多、淘宝、抖音、快手、京东等多个电商平台将全面取消"仅退款"，消费者收到货后的退款不退货申请，将由商家自主处理。 实际上，早在去年就有消息传出，而今靴子触地， 标志着这场始于20 ...

Core Viewpoint - The article discusses the potential risks of forced delisting of Chinese companies listed in the U.S. and restrictions on U.S. investments in Chinese assets, highlighting the historical context and possible implications for the market [1][2][3]. Group 1: Historical Context of Delisting and Investment Restrictions - The U.S. government previously initiated a delisting crisis for Chinese companies from 2020 to 2022 due to the HFCAA, which required companies to meet PCAOB audit standards [8][11]. - The crisis peaked when 150 Chinese companies were placed on a "pre-delisting" list, leading to an average stock price drop of 60% for 19 tracked companies [11][12]. - Although the delisting risk was mitigated through negotiations, some companies like China Mobile were still forced to delist during the tensions [12]. Group 2: Current Risks and Potential Impacts - Recent statements from U.S. officials suggest the possibility of using the forced delisting of Chinese companies as a negotiation tool, indicating a "black swan" risk that should not be ignored [2][3]. - The article outlines the potential impact on various Chinese companies if forced delisting or investment restrictions were to occur, emphasizing that the likelihood of such actions is currently low but not negligible [2][3]. Group 3: Company-Specific Analysis - A table lists various Chinese companies, their U.S. ticker symbols, market capitalization, and the percentage of shares held by U.S. investors, indicating varying levels of risk exposure [3]. - Companies like Pinduoduo and Didi, which are solely listed in the U.S., would face the most significant impact if delisted, while those with dual listings may experience less severe consequences [20][21]. Group 4: Comparison with Previous Delisting Crisis - The current delisting risk is perceived to be more uncertain than the previous crisis, as it may involve more significant political stakes and core interests [18][19]. - The dependency of Chinese companies on U.S. markets has decreased, with the average trading volume in Hong Kong rising from 10% to 34% since March 2022 [20][38]. Group 5: Response Strategies for Companies - Companies that have established dual listings can transition their shares to continue trading in Hong Kong without significant legal hurdles [23][39]. - For companies solely listed in the U.S., there is a pressing need to convert to a primary listing in Hong Kong before any potential delisting occurs [23][39]. Group 6: Broader Implications of Investment Restrictions - If the U.S. government expands restrictions on investments in Chinese companies, the impact would be more severe than a delisting, leading to permanent capital outflows and potential panic selling [27][28]. - The average U.S. investor ownership in tracked Chinese companies is approximately 39.9%, which could lead to significant market disruptions if restrictions are enacted [28][30].

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 ...

昨夜纳斯达克直接来了个旱地拔葱，2.5%的涨幅把空头脸都打肿了！要说这科技七巨头真是猛如虎，特斯 拉带着供应链成本下降的预期单骑闯关，马斯克一句"回归主业"就让股价飙出5%大阳线。亚马逊和Meta这 对广告双雄更绝，4%的涨幅直接把AI技术的前景焊死在涨停板上！最让帮主拍案叫绝的是台积电，苹果 订单加持下4%的涨幅，硬生生把半导体板块扛出了ICU。 咱们中概股也不甘示弱，金龙指数2.93%的涨幅看得人热血沸腾！小鹏蔚来这哥俩真是踩准了政策东风， 230亿补贴预期刚放出风声，股价就跟坐了火箭似的直冲云霄。最解气的是阿里拼多多，消费回暖的春风 一吹，反垄断的紧箍咒都松了三分。要帮主说啊，这中概股的韧性就像弹簧——压力越大，反弹越凶！ 老铁们早上好，这里是帮主郑重每天的隔夜市场解读时间。二十年财经江湖路，见惯了市场风云变幻，但 今天这美股剧本比宫斗剧还精彩！科技七巨头带着三大指数集体起飞，中概股上演绝地反击，商品市场却 玩起了冰火两重天，且听帮主给你们抽丝剥茧！ 不过市场从来都是几家欢喜几家愁，美债市场这出"长短分化"的大戏就透着诡异。两年期收益率往上窜， 十年期反而往下溜，这分明是机构大佬们在美联储政策桌底下掰手 ...

日前，一则有关"仅退款"的话题登顶热搜。 据《北京商报》报道，拼多多、淘宝、抖音、快手、京东等多家电商平台即将全面取消"仅退款"政策。 此后，消费者在收到货物后提出的退款不退货申请，将交由商家自行处理。 这一政策变革标志着"仅退款"服务的终结。该服务自2021年推出，此后被主流电商平台相继采用。 平台推出"仅退款"目的主要是通过减少货物流程来鼓励下单。起初，该政策出台为商家、消费者都带来了很多好处，但随之弊端逐渐浮现，部分恶意消费者创造 了谋取不正当利益的条件，甚至催生出一系列职业羊毛党。 比如，之前某二手平台出现"七折代购"服务，按照常人理解，这些商家可能拥有特殊的采购渠道或方法，但实际并非如此。当买家下单后，商家会在其他电商平 台下单，待收货后以各种理由进行仅退款操作，如此一来即可从电商平台商家处"0元购"获得一个商品，而前述买家支付的货款属于"纯利润"。 | < ( | 2 | 七折代购 × | | ... | | --- | --- | --- | --- | --- | | 美部 | | 个人闲置 | 社区 | 用户 | | 综合· | | 价格升序 · | 最新发布 | 区域 ▼ | | A I ...

Core Viewpoint - The cancellation of the "refund without return" policy by major e-commerce platforms marks the end of a service that was initially beneficial but led to abuse and financial strain on merchants [2][4][5]. Group 1: Policy Changes - Major e-commerce platforms including Pinduoduo, Taobao, Douyin, Kuaishou, and JD.com are set to abolish the "refund without return" policy [2]. - The change indicates a shift in how refund requests will be handled, with merchants now responsible for processing refund requests after goods have been received by consumers [3][8]. - The "refund without return" policy was introduced in 2021 to encourage purchases by simplifying the return process, but it has led to significant issues, including exploitation by some consumers [4][5]. Group 2: Impact on Merchants - The cancellation of the policy is expected to alleviate financial pressure on merchants who have suffered from the misuse of the refund system, reducing the risk of losing both goods and payment [8]. - Merchants will no longer face the risk of "zero-cost purchases" that arose from consumers exploiting the refund policy [4][8]. Group 3: Impact on Consumers - Consumers will need to be more cautious when shopping, as they will have to engage in more communication and negotiation with merchants regarding refunds [8]. - The change encourages consumers to better understand product information before making purchases, as the refund process will now require more diligence [8]. Group 4: Industry Outlook - The removal of the "refund without return" policy is anticipated to foster a healthier and more sustainable e-commerce environment, moving away from low-price competition and towards quality improvement [8]. - This shift is expected to promote fair competition and enhance product and service quality among merchants, benefiting the overall industry [8].

Market Overview - External disturbances have peaked, and the market is gradually returning to fundamentals [1][21] - U.S. stock markets saw a broad increase, with the Dow Jones up 1.07%, Nasdaq up 2.50%, and S&P 500 up 1.67% [3] - Notable individual stock performances include Tesla rising 5.37% despite a 71% drop in quarterly net profit, and Boeing increasing 6.04% due to better-than-expected quarterly losses [3] Commodity Prices - International oil prices weakened, with WTI crude down 2.20% to $62.27 per barrel and Brent crude down 1.96% to $66.12 per barrel, amid rumors of OPEC+ potentially increasing production [4][7] - Gold prices significantly declined, with COMEX gold futures dropping 3.66% to $3276.30 per ounce [4] Economic Indicators - The Federal Reserve's latest Beige Book indicated little change in U.S. economic activity since early March, with several regions experiencing a "significant deterioration" in outlook amid increasing economic uncertainty [4] Corporate Developments - The People's Bank of China introduced a plan to enhance cross-border financial services in Shanghai, aiming to optimize financial service policies [5] - Xiamen's government announced an upgrade to its housing compensation policy, expanding the range of housing options for those affected by property acquisition [6] - Apple was fined €500 million by the EU for antitrust violations under the Digital Markets Act, marking a significant regulatory action against major tech companies [8] Company Earnings - Wens Foodstuff Group reported a net profit of 2 billion yuan in Q1 2025, reversing a loss from the previous year, primarily due to profitability in the pork sector [11] - Nutrien reported a 374% increase in net profit for Q1 2025, driven by increased sales and prices of potash [12] - Zhongke Electric's Q1 net profit surged 465.8% year-on-year, attributed to increased sales and improved gross margins [13] - Tianqi Lithium expects a net profit of 82 million to 123 million yuan for Q1 2025, a significant recovery from a loss in the previous year [14] Strategic Partnerships - CATL announced the launch of 10 battery swap models in collaboration with major automotive companies, expanding its battery swap network [9] - Four-dimensional Map Technology signed a strategic cooperation agreement with Volcano Engine to enhance automotive intelligence technology [10]

个股方面，特斯拉涨5.3%，此前特斯拉首席执行官马斯克表示，他将大幅减少在美国政府效率部的 工作时间，投入更多时间经营公司。这家电动汽车制造商公布的季度净利润暴跌71%。 明星科技股中，亚马逊涨4.2%，Meta Platforms涨4.0%，英伟达涨3.6%，谷歌涨2.5%，苹果涨 2.2%，微软涨1.9%。 英特尔涨5.5%，有消息称该芯片制造商将裁员20%以上。 2025.04. 24 本文字数：1117，阅读时长大约2分钟 作者 | 第一财经 樊志菁 周三，美股全线上涨，特朗普政府连续就关税放风，贸易战缓和预期提振市场情绪，同时，美国总统 特朗普表示不打算罢免美联储主席鲍威尔。 截至收盘，道指涨419.59点，涨幅1.07%，报39606.57点，纳指涨2.50%，报16708.05点，标普500 指数涨1.67%，报5375.86点。 波音涨6.1%，公司季度亏损小于预期，一季度生产和交付了更多的飞机。 纳斯达克中国金龙指数涨2.9%，阿里巴巴涨2.7%，拼多多涨2.2%，网易涨1.6%，京东跌0.3%。 国际油价走弱，市场传言产油国组织（OPEC+）可能进一步增产。WTI原油近月合约跌2.20%， ...