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%， ...

Core Insights - Yongkang, known as the "Hardware Capital of China," plays a crucial role in the global supply chain, producing 80% of massage guns, one-third of thermos cups, and nearly 70% of security doors [2][3] - The local manufacturing industry faces challenges such as intense market competition and product homogenization, necessitating continuous innovation to maintain competitiveness [3][12] - Pinduoduo's "trillion support" plan is pivotal for Yongkang's kitchenware businesses, helping them adapt to market demands and optimize product structures [4][20] Industry Overview - Yongkang's historical significance in hardware manufacturing dates back to ancient times, evolving through various dynasties and becoming a hub for metalworking [5][6] - The rise of e-commerce has transformed traditional manufacturing, with younger generations of factory owners seeking to establish their own brands rather than solely relying on OEM production [7][8] Market Dynamics - The emergence of brands like "Lanjieshi" and "Yizhifu" illustrates the shift from white-label products to branded offerings, driven by consumer demand for quality and innovation [13][15] - Pinduoduo's platform allows for efficient operations, enabling merchants to manage multiple stores with fewer resources compared to traditional e-commerce platforms [8][12] Product Innovation - Successful products, such as a new electronic scale, were developed in response to market needs, showcasing the importance of understanding consumer preferences [9][11] - Innovations in product design, such as semi-automated assembly processes, have significantly improved production efficiency and reduced costs [11][12] Pinduoduo's Strategic Initiatives - The "trillion support" plan aims to enhance the quality of e-commerce by providing substantial financial and operational support to merchants, focusing on long-term growth rather than short-term gains [20][21] - Pinduoduo's initiatives have led to a significant increase in merchant opportunities and a restructuring of industry dynamics, fostering a more competitive environment [21][22] Financial Implications - Pinduoduo's financial commitment to merchant support reflects a strategic shift towards high-quality development, with substantial investments aimed at enhancing the overall e-commerce ecosystem [20][22] - The platform's revenue model has adapted to prioritize merchant success, with significant reductions in service fees and guarantees to lower operational costs for businesses [20][21]

Group 1 - The core viewpoint of the article is that major e-commerce platforms in China, including Pinduoduo, Taobao, Douyin, Kuaishou, and JD.com, are abolishing the "refund only" policy, which previously allowed consumers to request refunds without returning products [2] - The adjustment of the "refund only" policy is seen as a move towards promoting healthy competition in the e-commerce industry and protecting merchants' interests, as it aims to reduce malicious refund behaviors that have exploited this policy [2][8] - The role of e-commerce platforms is shifting from being "referees" to "coordinators," emphasizing negotiation between merchants and consumers rather than direct intervention by the platforms [2] Group 2 - In 2023, China's online retail sales reached 15.42 trillion yuan, marking an 11% growth and maintaining its position as the world's largest online retail market for 11 consecutive years [3] - As of June 2023, the number of online shopping users in China reached 884 million, an increase of 38.8 million from December 2022, representing 82% of the total internet users [3] - The growth rate of online retail sales in China has shown a recovery in 2023, with a year-on-year increase of 11.9%, contributing to 32.72% of the total retail sales of consumer goods, which amounted to 47.14 trillion yuan [4]

Core Viewpoint - The article discusses the recent decision by major e-commerce platforms, including Taobao, to cancel the "refund without return" policy, shifting the responsibility of handling refund requests to sellers, which aims to balance merchant rights and consumer experience [1][4][12]. Summary by Sections Policy Changes - Taobao confirmed it will no longer actively intervene in refund requests after consumers have received goods, allowing sellers to negotiate directly with consumers [1]. - Other platforms like Pinduoduo, Douyin, Kuaishou, and JD.com are also expected to follow suit, although they have not officially announced this change yet [1]. Background and Rationale - The "refund without return" policy has faced ongoing controversy since last year, leading to adjustments across various e-commerce platforms [1]. - Taobao began phasing out this policy in July of the previous year, enhancing merchants' autonomy in handling after-sales service based on their experience ratings [1][3]. Market Dynamics - The cancellation of the "refund without return" policy is seen as a positive move for the e-commerce industry, reducing tensions between merchants and platforms and promoting a more rational shopping behavior among consumers [6][12]. - The article highlights that the policy's initial intent was to protect consumer rights, but it inadvertently led to exploitation by some users, creating an imbalance in the marketplace [5][6]. Future Strategies - Taobao is implementing a new store evaluation system called "real experience score," which will factor in product quality, logistics speed, and service assurance, influencing consumer purchasing decisions [3]. - E-commerce platforms are diversifying their strategies, with Taobao focusing on supporting quality brands and enhancing user experience through AI technology and live streaming [8][9][12]. - Competitors like JD.com and Meituan are also innovating, with JD.com launching a food delivery service and Meituan introducing a new retail brand to enhance consumer engagement [10][11].

Market Overview - The market is currently experiencing narrow fluctuations and remains in a state of consolidation [1][24] - Major U.S. stock indices rebounded significantly, with the Dow Jones up 2.66%, S&P 500 up 2.51%, and Nasdaq up 2.71%, marking the largest single-day gains in recent weeks [3] Economic Forecasts - The International Monetary Fund (IMF) has significantly downgraded global economic growth forecasts, predicting a decline to 2.8% in 2025 and 3% in 2026, down from earlier estimates of 3.3% for both years [4] - The U.S. economic growth forecast for 2025 has been reduced to 1.8%, with a 40% probability of recession, up from 27% previously [4] Corporate Developments - Baidu released an AI white paper and action plan focusing on generative AI patent layout [9] - Boeing agreed to sell part of its digital aviation solutions business to Thoma Bravo for $10.55 billion [7] - Gree Electric's shareholders approved the re-election of Dong Mingzhu as chairman, with a dividend plan of 10 yuan per 10 shares [12] - Meituan's self-developed fourth-generation drone received a nationwide operational certificate for low-altitude logistics [13] Financial Performance - Newye Semiconductor reported a 384.54% increase in net profit for Q1 2025, with revenue of 4.052 billion yuan, up 264.13% [20] - Hailanxin's Q1 2025 net profit surged by 1324.75%, driven by project completions [21] - Zhonghong Medical's Q1 2025 net profit increased by 1370% [22] - Erkang Pharmaceutical reported a net profit of 28.11 million yuan for Q1 2025, up 868.91% [23] Industry Trends - The pharmaceutical sector is expected to continue its upward trend due to improved fundamentals and technological advancements [24]

科技股普遍走高，特斯拉大涨4%，英伟达、苹果、亚马逊等涨幅超过2%，微软、谷歌A等涨超1%。 高开高走！ 中概股方面，小鹏汽车涨超4%，阿里巴巴、哔哩哔哩涨超3%，拼多多等涨超2%。 本周，多家大型科技企业将发布一季报。投资者将从上市公司业绩中判断特朗普上台后对美国经济的影响。与此同时，美国白宫与多个国家开展的关税谈 判，尚未有实质性进展。投资者仍然对美国经济前景感到担忧。 当地时间4月22日（周二），美股高开高走，截至发稿，道指涨1.75%，标普500指数涨1.71%，纳指涨1.96%，纳斯达克中国金龙指数涨2.28%。 | 道琼斯指数 | 38840.02 | +1.75% | | --- | --- | --- | | .DJI | | | | 标普500指数 | 5246.45 | +1.71% | | .SPX | | | | 纳斯达克综合指数 | 16182.76 | +1.96% | | .IXIC | | | | 纳斯达克中国金龙指数 | 6644.44 | +2.28% | | .HXC | | | 但谷歌当前也面临不少麻烦。当地时间周一，在谷歌反垄断案件补救措施听证会上，美国司法部检察官大 ...

2025.04. 22 本文字数：1427，阅读时长大约3分钟 2024年7月，随着"羊毛党"乱象受到关注，淘宝宣布优化"仅退款"，通过提升店铺体验分商家售后自 主权、升级异常行为识别模型等减少异常"仅退款"。 但到2024年9月，第一财经面向消费者发起的一份问卷显示，仍有47.17%的消费者申请"仅退款"是由 于平台主动询问，多位商家表示2024年"仅退款"订单明显增加，原因指向平台介入"考验人性"，第 一财经发布报道《当"仅退款"维权成为一门生意》，关注到一条替商家上门找消费者"仅退款维 权"的"产业"正在冒头，冲突进一步由线上向线下蔓延。艾媒咨询CEO兼首席分析师张毅对记者分 析，"仅退款"的治理需平台不断优化规则、设置门槛、建立完善商家的申诉处理机制、加强智能风控 体系的建设等。 导读 ： 这项争议政策的不断调整与纠偏之中，平台经历着商家与消费者权益的动态平衡挑战。 作者 | 第一财经 陈杨园 困扰许多电商商家的"仅退款"正在走向落幕。 4月22日，有消息称，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"，上述 电商平台已就全面取消"仅退款"的相关细节与管理部门进行了多轮商讨和修改 ...

据《北京商报》4月2 2日消息， 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 。 这意味着，"仅退款"在2 0 2 1年时被拼多多率先推出，后在2 0 2 4年时被京东、淘宝、抖音、快 手 等 相 关 平 台 相 继 引 入 ， 历 时 四 年 正 式 迎 来 落 幕 。 记 者 还 获 悉 ， 上 述 电 商 平 台 已 就 全 面 取 消 " 仅 退 款 " 的 相 关 细 节 与 管 理 部 门 进 行 了 多 轮 商 讨 和 修 改 ， 一 旦 审 核 完 成 即 对 社 会 公 开 宣 布。 "之前遇到一个买家，我刚点击完发货后的2 0分钟，她就以拍错为由申请了仅退款。我收到申 请后马上联系快递公司，虽然商品没有揽收但是快递单号和运费险费用已经产生。"一名电商 卖家对2 1世纪经济报道记者表示了自己的不满，"她轻飘飘一句拍错了，我就要白搭快递费用 和运费险，为什么她不用承担任何责任？" 目前，电商行业也在逐步摆脱恶性竞争的泥淖。拼多多2 0 2 4年下半年开始，在商家售后服务 体系专项升级中，取消了商家的售后申诉限制，全面支持 ...

Core Viewpoint - Major e-commerce platforms in China, including Pinduoduo, Taobao, Douyin, Kuaishou, and JD, will completely abolish the "refund only" policy, marking its end in the industry [1][2]. Group 1: Background and Implementation - The "refund only" policy was first introduced by Pinduoduo in 2021, allowing consumers to receive refunds without returning products under certain conditions [1]. - Following Pinduoduo, other major platforms like JD, Taobao, Douyin, and Kuaishou adopted the "refund only" service, making it a standard practice across the industry [1]. Group 2: Issues with the "Refund Only" Policy - The widespread use of the "refund only" policy led to several issues, including platforms issuing refund notifications without understanding the specific disputes, resulting in financial losses for merchants [2]. - Merchants reported difficulties in claiming compensation from manufacturers for defective products due to the complications introduced by the "refund only" policy [2]. - Some individuals exploited the "refund only" policy for profit, causing significant losses for merchants [2]. Group 3: Regulatory Changes and Future Outlook - The cancellation of the "refund only" policy has been anticipated, as the State Administration for Market Regulation is pushing for improvements in the competitive environment of the platform economy [2]. - During the 2023 Two Sessions, government authorities indicated that they would address the misuse of the "refund only" policy that left merchants without compensation [2]. - Taobao Tmall began relaxing the "refund only" rules in July 2022, and Alibaba's 1688 platform fully abolished the policy in March 2023, with other platforms like JD and Kuaishou also making adjustments [2].

Core Viewpoint - The cancellation of the "refund only" policy across major e-commerce platforms marks a significant shift in the industry, aimed at promoting fair competition and improving the operational environment for merchants [1][2][3]. Group 1: Policy Changes - Major e-commerce platforms including Pinduoduo, Taobao, Douyin, Kuaishou, and JD.com will fully cancel the "refund only" policy, which allows consumers to request refunds without returning goods [1]. - The "refund only" policy was first introduced by Pinduoduo in 2021 and has been adopted by other platforms over the years, but it will officially end in 2024 [1]. Group 2: Regulatory Background - The cancellation of the "refund only" policy was anticipated, as government authorities indicated a need to address the misuse of this policy, which has led to significant financial losses for merchants [2]. - Taobao and Tmall began relaxing the "refund only" rules as early as July of the previous year, initiating a trend towards reducing excessive competition in the industry [2]. Group 3: Industry Impact - The removal of the "refund only" policy is expected to help the e-commerce industry shift from price wars to healthier competition, ensuring fairer business practices for merchants and enhancing consumer engagement [3].