算法破"茧" 数字化和人工智能时代，算法渗透无处不在。它既可以引向高效率和美好愿景，也可能暗藏"毒流量"和 被制定者利用。 4月中旬，抖音算法首度公开，在业内掀起不小的波澜。长期跟踪TMT领域的投资经理杨勇对记者分 析，此前平台曾出现吴柳芳事件等多例争议事件，抖音方面虽然有所回应，但始终未正面披露其背后的 算法机制。这次公开，在所有互联网平台里都堪称"大尺度"。 从去年底至今，抖音、小红书、美团等越来越多的互联网平台推出了新一轮算法公开化举措，把驯服算 法的主动权交到用户手中。 近期，抖音首次公开推荐算法原理。 时报财经图库/供图 去年底至今，小红书等平台推出了新一轮算法公开化举措。 时报财经图库/供图 证券时报记者 王小伟 从骑手运力的分配到酒店住宿的推荐，从网约车辆的调度到电商平台的供应链管理，算法已成为所有大 厂平台的底层工具，也是中国互联网世界的"隐形舵手"。 今年以来，算法一改"神秘科技"属性，透明化进程提速。根据证券时报记者梳理，除少数平台外，抖 音、美团、小红书等平台都已将算法"黑箱"越开越大。在此过程中，一些"反常识"认知的计算方式也陆 续出现。 主流判断认为，平台算法治理是互联网企业2025 ...

如今短腿邮品在集邮市场上掀起了不小的波澜，尤其是那些通过摇号发售的邮品，价格一飞冲天。 而随着摇号机制的普及，邮迷们的质疑声也随之高涨。 这种现象到底是市场的自发调节，还是制度设计上的漏洞？让我们一起探讨背后的问题和解决之道。 摇号机制的初衷与现实的差距 邮政部门推出的预约摇号机制，本意是为了在有限资源的分配中体现公平，让更多普通集邮者有机会获得 稀缺邮品。 在改革的初期，这一举措确实带来了正面效果，提升了市场的活跃度，吸引了大批邮迷参与其中。 但随着时间的推移，一些实际操作中的问题逐渐显现出来。 "短腿特供邮票交流群"，在群内交流短腿特供邮票收藏心得和经验。 此外，我们还特别建设了【邮币世界】公众号，分享更多邮票收藏知识，大家点击下面的名片即可关注。 这些问题的背后，反映出摇号机制可能被部分利益群体所利用，普通集邮者成为了制度的牺牲品。 面对这些问题，邮政部门需要给出一个合理的解释和应对措施。 否则，摇号机制只会加深市场的不公，让更多集邮者心灰意冷，甚至退出市场。 许多邮迷发现在摇号过程中，存在诸多不透明的环节：报名后无法知晓自己的摇号号码，摇号的执行和监 督机构模糊，甚至连摇号结果的公开也成了问题。 这些 ...

Core Insights - The rise of "light milk tea" reflects the contemporary young consumers' demand for health, with CoCo's new product "Konggu Bailan" emphasizing a fresh and light experience [1][3][19] Product Development - CoCo's "Konggu Bailan" features a new tea base and packaging, focusing on natural ingredients and precise ratios to enhance flavor while maintaining a simple structure [3][19] - The product uses high-quality mountain white tea, blending tea and floral notes to create a refreshing taste experience [3][19] - CoCo employs "Biru Ice Block" as the sole dairy source, which is a pure milk product with only whole milk in its ingredient list, resulting in a lower calorie count of 146 calories per cup compared to over 220 calories for similar products [3][10][11] Consumer Experience - The new packaging and surrounding design reflect a "natural and pure" aesthetic, telling a story from raw materials to visual representation [5][19] - CoCo provides a "Milk Transparency Label" with the drink, informing consumers that the product contains no base milk, only Biru Ice Block, addressing previous consumer concerns about ingredient clarity [8][10] Nutritional Comparison - Biru Ice Block has a significantly higher protein content (6.2g/100ml) and lower fat content (5.5g/100ml) compared to traditional base milk, which typically contains 22-30g of fat per 100ml [11][19] - The focus on health and low-fat options aligns with consumer expectations for healthier beverage choices [11][17] Market Positioning - CoCo aims to redefine the light milk tea category by emphasizing ingredient transparency and quality, responding to consumer demands for healthier options [19] - The shift in the tea beverage market from fast-moving consumer goods to a lifestyle choice reflects a deeper connection between brands and consumers, with CoCo leading the charge in ingredient transparency [19]

南都讯记者刘嫚发自北京4月27日，中国社会科学院法学研究所、社会科学文献出版社联合主办的"2025 年法治蓝皮书发布会"在京举行，并发布《中国政府透明度报告(2024)》，评估显示，各项指标达标率 较好的省级政府前三为上海市、北京市、广东省。 《中国政府透明度报告(2024)》由中国社会科学院国家法治指数研究中心项目组编创，围绕民主科学决 策、优化营商环境、规范政府管理、加强民生保障、平台机制建设等方面，对48家国务院部门、31家省 级政府、293家地级市政府、120家县(市、区)政府的政务公开情况进行了第三方评估。 评估结果显示，2024年政府透明度各项指标达标率较好的国务院部门分别为：海关总署、应急管理部、 国家市场监督管理总局、民政部、交通运输部、人力资源和社会保障部、财政部、工业和信息化部、国 家税务总局、中国人民银行等；各项指标达标率较好的省级政府分别为：上海市、北京市、广东省、山 东省、浙江省、四川省、安徽省、贵州省、湖北省、江苏省等；各项指标达标率较好的地级市政府分别 为：广东省广州市、山东省青岛市、广东省深圳市、山东省烟台市、安徽省淮南市、四川省成都市、山 东省济南市、广东省珠海市、山东省济宁 ...

近年来，随着全球ESG（环境、社会和治理）理念的加速渗透，国内生猪养殖企业正从传统的粗放经营 模式向可持续发展转型。据Wind数据统计，近五年来，A股生猪养殖上市公司的ESG报告披露率持续提 升，牧原股份、新希望等头部企业不断完善ESG信息披露框架。智能化猪舍、空气过滤系统、减排技术 等创新应用，使得传统养殖业逐渐摆脱了"脏乱差"的标签。然而，尽管取得了一定进展，国内生猪养殖 企业的ESG实践仍面临国际评级偏低、数据透明度不足等挑战。MSCI评级显示，国内头部生猪养殖企 业的ESG评级多为B及以下，碳排放统计、动物福利等议题的披露亟待加强。 智能化转型驱动ESG实践升级 智能化技术的应用成为生猪养殖企业ESG实践的重要推动力。牧原股份在2024年度ESG报告中详细披露 了其在智能化转型方面的成果。通过智能空气过滤系统、智能巡检机器人等技术，牧原股份不仅大幅改 善了猪的生长环境，还显著降低了人工劳动强度，提升了养殖效率。新希望、温氏股份等企业也在环保 和新能源领域布局，通过技术创新推动可持续发展。智能化厂房的应用使得生猪养殖从"脏累活"转变 为"环保活"，三废排放问题得到有效控制，猪的养殖品质显著提升。 然而， ...

Core Viewpoint - The ongoing trade war between the U.S. and China, marked by escalating tariffs, has unexpectedly benefited Chinese e-commerce platforms, particularly Taobao, which has seen a significant surge in overseas downloads and usage [2][4]. Group 1: Impact of Tariffs on E-commerce - The U.S. has increased tariffs on Chinese goods to 245% due to retaliatory measures from China, following a previous increase to 125% [2]. - Taobao's overseas downloads skyrocketed from 10.4 thousand to 32.6 thousand between April 12 and April 15, representing a 222% increase, with North American and European iOS downloads growing by 483% and 439%, respectively [4]. - The surge in Taobao's popularity is reflected in its ranking, where it reached the second position in the U.S. App Store shopping category and topped the download charts in 16 countries [2][4]. Group 2: Adaptation of Chinese E-commerce Platforms - DHgate, a B2B platform, has also benefited from the tariff situation, becoming a vital resource for small wholesalers by allowing them to circumvent high tariffs through smart packaging strategies [5][6]. - DHgate's download volume increased by 800% in April, with over 3,000 U.S. wholesalers using the platform daily [8]. - The trade barriers have prompted a rise in consumer awareness and alternative purchasing strategies, as seen in discussions on platforms like Reddit and YouTube [9]. Group 3: Strategic Shifts in E-commerce - The crisis has highlighted the importance of supply chain transparency as a core competitive advantage, with platforms showcasing factory processes to build consumer trust [11]. - Technological tools, such as AI-driven customer service and smart order splitting, have become essential for navigating the challenges posed by tariffs [11]. - The current trade dynamics suggest a shift towards decentralized global trade models, where smaller platforms like Taobao and DHgate can thrive despite the challenges faced by larger corporations [11].

2025 年 4 月 12 日，一组抖音直播的数据正在撕裂行业认知：新华社的镜头下，贾乃亮将 2.3 亿销售额一点点浇筑成 2025 年直播电商的金字塔尖。 三年前网友戏谑 " 演员跨界直播能走多远 " 时，没人料到这场 " 透明化军演 " 会演变成行业分水岭。直播的数据泡沫在监管风暴中蒸发，贾乃亮团队与新 华社共建的 " 信用飞轮 " 却开始重振流量。 6 个销售额破千万的超级单品背后，是 " 信用电商 " 对私域流量的降维打击，这场 " 全透明 " 直播，为贾乃亮的直播间浇筑起一套 " 信任基建 " ：从供应链 的显微镜式质检，到价格机制的透明手术，再到售后服务的钢铁防线。 " 让中国制造闪耀消费主场 " 的 slogan 穿透 3.24 亿次总曝光，中国制造的毛细血管终于接入了流量心脏。 在数据泡沫退潮、信任赤字的时代，贾乃亮用生日当天的这场直播证明，某种比 GMV 更珍贵的东西，正在重构行业估值模型。 01 跨界人生：演员与电商人的双面叙事 严格来讲，从荧幕到直播间，并不能算是跨界，而是一场 " 情绪 IPO" ：早年积攒的国民亲和力是原始股，正能量标签是超额认购，最终在抖音直播间完成 资产重组 —— ...

Core Points - Agoda's hotel booking app displays a price of 2509 yuan per night, but the final payment shows an average of 3234 yuan per night, resulting in a price difference of nearly 29% [1][3][4] - The price discrepancy is attributed to a 15% service fee and a 10% tax, which are only disclosed in small print during the final payment stage [1][6][8] - This lack of transparency in pricing has raised concerns among consumers, especially when compared to domestic OTA platforms that display all-inclusive prices [8][10][12] Pricing Transparency Issues - Consumers have reported that Agoda's pricing structure is misleading, as the initial displayed price does not include additional fees, impacting their travel budget [2][3][8] - In contrast, domestic OTAs like Ctrip and Qunar clearly indicate that their prices include taxes and fees, making it easier for consumers to understand the total cost upfront [10][12] - Agoda's customer service indicated that the pricing display depends on the hotel or supplier's policies, which can lead to inconsistencies across different platforms [12][13] Consumer Behavior and Expectations - Chinese consumers prefer to see a comprehensive price that includes all fees from the beginning, contrasting with practices in other countries where fees are often added later [13][16] - The dynamic pricing model used by Agoda, where different prices may be shown to the same consumer across various platforms, can create confusion and mistrust [13][16] - There is a call for Agoda to align its pricing display practices with local consumer expectations to better serve the Chinese market [16]

作者 | 赵淑荷 编辑 | 何子维 值班编辑｜ 宝珠 视觉 | 顾芗 现代人好像已经离不开茶饮，但也不是什么都喝。对于城市里的新中产来说，健身后去现制茶饮店买一 杯果蔬汁，正在成为一种风尚。 为了迎合市场需求，新式茶饮开始打健康牌了。 如果以最具代表性的喜茶和一点点的崛起作为元年，那么，2010年前后发展至今，新式茶饮走过 15 年，已经到了求新求变的阶段。 从植脂末到真奶，从冲兑到人工现摇再到手工鲜榨，尽管奶茶越来越"高端"，却始终不能摆脱高糖脂、 不健康的阴影。"肥宅快乐水"的名字加诸其上，对很多茶饮忠实消费者来说，"快乐"总是与"堕落"相伴 出现。 面对"堕落的快乐"，人们多少会有点"战战兢兢"。根据2023年《中国新式茶饮大数据研究及消费行为》 调查数据，49.4%的茶饮消费者会担心健康问题，42.2%的消费者更在意是否长胖。 茶饮透明化之战 在上海某服装公司工作的雨纯是一个"资深吃货"。哪家餐厅在上海新开张，哪个餐饮品牌出新品，她都 会第一时间去尝试。对美食更新极为敏感的雨纯注意到，在糖分选项之外，很多茶饮品牌开始为消费者 提供更多的信息。 雨纯发现，她和妈妈都爱喝的霸王茶姬，去年，在小程序点单页面 ...

Core Viewpoint - The recent complaint against CITIC Securities regarding "technical price discrimination" has raised significant concerns about the company's fee transparency and its impact on investor trust [1][15]. Group 1: Complaint and Investor Concerns - A customer, Ms. Zhang, has been charged a commission rate of over 1.9‰ for 11 years, while new clients can see lower rates, leading to a total commission payment of 160,000 yuan [4][5]. - The complaint has triggered media coverage, highlighting the disparity in commission visibility between old and new clients, raising questions about the company's practices [4][15]. - The incident has prompted regulatory scrutiny, with Ms. Zhang filing a complaint with the China Securities Regulatory Commission (CSRC) [7] . Group 2: Financial Performance and Industry Ranking - CITIC Securities has experienced a decline in revenue for four consecutive years, with a reported revenue of 21.129 billion yuan in 2024, down 9.10% year-on-year [8][11]. - The company's ranking has dropped annually, from 6th in 2022 to 8th in 2024, indicating a significant loss of market position [8][11]. - Despite some growth in wealth management and trading services, the overall revenue decline is attributed to a sharp drop in investment banking revenue, which fell by 48.14% in 2024 [11][12]. Group 3: Regulatory Issues and Compliance Challenges - CITIC Securities has faced multiple regulatory penalties, including issues related to the fraudulent issuance of shares by a client company, which has further impacted its reputation [12][13]. - The company has been criticized for inadequate due diligence and compliance failures, leading to regulatory discussions with senior management [12][13]. - The ongoing investigation and the need for improved compliance measures are critical for the company to regain investor trust and stabilize its market position [16]. Group 4: Future Strategies and Challenges - The new chairman of CITIC Securities has outlined a strategic plan to enhance the company's capabilities and reputation over the next decade, aiming to become a leading investment bank by 2035 [15][16]. - The "technical price discrimination" incident complicates the company's efforts to rebuild trust and necessitates a focus on transparency and compliance [16].