近日，北京一亩田新农网络科技有限公司（以下简称"一亩田"）在美国证券交易委员会（SEC）公开披 露招股书，股票代码YMT，拟在美国纳斯达克IPO上市。 2025年，已经成立了14年的"古典"互联网公司一亩田通过中美两国监管机构的上市申请备案，备受市场 关注。 十年前，一亩田曾经是中国互联网的明星公司，投资者包括红杉中国、云峰基金、新天域、源码、 DST、顺为、华创、真格、周亚辉、周大福等一线基金及投资人，市场估值在2015年前后一度超十亿美 金，但随着资本泡沫的消退，一亩田归于沉寂。 一亩田即将登陆纳斯达克的消息，重新将人们的目光拉回农业互联网这个广阔的赛道。但是显然，"农 业"这个概念太大，AI育种、现代化种植养殖、化肥农药、农产品流通等等，都包含在"农业"这个广袤 的范畴内，那么一亩田究竟是一家什么公司？在新的时代背景下，一亩田究竟面对何种新的发展机会， 它融资的目的是什么？为什么值得投资者关注？ 翻开一亩田的招股说明书，这一连串问题，其实都围绕一个关键词：农产品经纪人。 一提到经纪，大家比较熟悉的就是房产经纪人，相关联的就是类似链家贝壳这样的业务模式。房产经纪 人大家都好理解，首先大多数人生活在城市中， ...

Group 1 - The core viewpoint emphasizes that information interconnectivity is a key engine for the quality upgrade of supply chains, with China having built the world's largest and technologically advanced information communication network, achieving full coverage of 41 industrial categories through the industrial internet [1] - A consumer in Europe can input specific requirements via mobile, and the data is transmitted through a 5G network to Chinese manufacturing enterprises' industrial internet platforms with an end-to-end latency of less than 20 milliseconds, significantly enhancing manufacturing efficiency [3] - The improvement in manufacturing efficiency is supported by digital infrastructure centered around computing power, with the "East Data West Computing" project initiated in 2022, aiming to establish eight major hub nodes and ten national data center clusters by the first quarter of 2025, achieving a total computing power of 215.5 billion billion floating-point operations per second [5] Group 2 - China has established 4.486 million 5G base stations and over 100 million connected industrial devices, enabling diverse applications through adaptable computing power, with more than 30,000 basic intelligent factories and over 1,200 advanced intelligent factories operational, covering over 80% of major manufacturing sectors [7] - The integration of information chains accelerates efficient communication between upstream and downstream sectors, facilitating quality upgrades in manufacturing [7]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][7]. Core Views - The internet healthcare sector is entering a stable growth phase, with online pharmaceutical retail penetration expected to accelerate. Non-pharmaceutical products like nutritional supplements and home medical devices are well-suited for online retail, while the pharmaceutical market's online penetration is still low but poised for growth due to changing consumer behaviors and regulatory support [6][27][30]. Financial Data and Profit Forecast - The company is projected to achieve revenues of RMB 27,026.56 million in FY2024, increasing to RMB 39,029.33 million by FY2028, reflecting a revenue growth rate of 0.98% in FY2024 and an average of 8.33% from FY2025 to FY2028 [2]. - Adjusted net profit is expected to rise from RMB 1,438.27 million in FY2024 to RMB 3,355.45 million by FY2028, with a significant growth rate of 91.64% in FY2024 [2]. - The report anticipates a gradual improvement in gross margin from 21.81% in FY2024 to 25.85% in FY2028, alongside an increase in return on equity (ROE) from 6.07% to 13.00% over the same period [2]. Company Overview - The company operates in three main segments: 1P pharmaceutical self-operated business, 3P pharmaceutical e-commerce platform business, and innovative healthcare and digital services [17]. - The self-operated pharmaceutical business accounted for 85.4% of the company's revenue in FY2025, while the e-commerce platform business contributed 11.7% [17]. Market Trends - The report highlights a favorable regulatory environment for online healthcare, with policies gradually promoting online medical insurance coverage and the legitimacy of internet hospitals [27][28]. - The penetration rates for nutritional supplements and home medical devices are increasing, while the pharmaceutical sector is expected to see rapid growth in online retail penetration due to evolving consumer preferences and regulatory changes [30][31]. Competitive Landscape - The competition in the internet healthcare sector is expected to stabilize, with a clear distinction emerging between B2C and O2O models. The report notes that while O2O instant retail will continue to grow, its penetration in certain product categories may remain limited [45][49]. Innovation and Growth Opportunities - The company is actively exploring AI applications in healthcare, enhancing operational efficiency and developing AI-assisted diagnostic tools. This strategic focus on AI is expected to improve service delivery and patient outcomes [52][58]. - The report also mentions the company's cloud hospital and digital service initiatives, which are anticipated to provide significant growth opportunities in the future [52].

一个专业的"红"体现的是社会的关注讨论热度，而"翻红"的偶然性往往源于特定的时代背景，难以预测。 以下文章来源于新周刊 ，作者陈倚 新周刊 . 中国最新锐的生活方式周刊。 又到一年高考志愿填报季，该选自己喜欢的专业还是有就业前景的？曾经那些不被推荐的冷门专业毕业生，现在都过得怎么样？读到"翻红专业"又是什么样的体 验？我们与四位高校毕业生聊了聊他们的故事。 文 ｜ 陈倚 编辑 ｜ 陆一鸣 来源｜ 新周刊（ID：new-weekly） 封面来源 ｜ 《追光的日子》剧照 6月23日起，全国各地高考成绩陆续可以查询，高考志愿填报也随之成为社交平台上的热门话题。 而在热门与冷门的标签之外，总有一些专业经历过，或者正在经历"翻红"。 十年前的冷门专业，十年后可能歪打正着成了新兴行业的"香饽饽"；曾经被吐槽的"天坑专业"，也可能因为时代和科技的发展变成" 天选专业"；连续多 年"亮红牌"的专业（即"不建议报考"的专业，通常为人才供需失衡、市场就业空间较小，薪资待遇以及未来前景较差的专业），也可能因为具备考编优势 而持续吸引众多学子报考。 唯一不变的是变化。不同的个体选择就像驶向不同方向的小船，或许带着几分模糊的方向感，但 ...

但是，巴菲特在今年致股东的信中就告诫过我们： 不要浪费每一次的危机 为什么呢？ 最近两年，全球经J都不太平。 又是地缘冲突、又是经J数据低迷。 全球经济似乎已经到了危机的边缘。 因为每一次危机之后，都是一次财富转移。 而每一次财富转移，都是 我们每个普通人实现财富进阶的机会。 过去40年，我们经历了两轮的大规模财富转移。 第一次大规模财富转移，是在上世纪90年代。 90年代初期，苏东巨变、苏联解体，我们的经济也因为价格闯关受到了冲击，通胀率一度高达 20%以上。 但就在这一场经J危机之后，我们开启了第一轮的财富转移。 这一次财富转移的源头是 工业化+城市化的浪潮 。 工业化+城市化，带动的是财富、人口以及土地资源逐渐从农村流向城市。 所以在这个阶段，你能看到8亿农民进城、你能看到大量农田和G有土地被转化成了工业用地和城 市住宅用地，导致了土地产权的大调整。 而第一轮的财富转移，主要的方式是 以地生财 。 所以，作为普通人，如果你能在这个时间段在农村拥有一块地，或者是在城市里拥有一套房，那 你就吃到了这一轮财富转移的红利。 直到今天，国人70%的财富都集中在房子上。 很多人的第一桶金，就是通过房子赚来的。 第二 ...

Core Viewpoint - The article discusses the evolving landscape of academic majors in China, highlighting how previously unpopular fields can become desirable due to changing societal needs and technological advancements [4][5]. Group 1: Changing Perceptions of Majors - Certain majors that were once considered "dead-end" or "trap" professions may gain popularity as industries evolve and new opportunities arise [4][5]. - The article emphasizes that the perception of a major's value is often influenced by societal trends and technological developments, making it difficult to predict which fields will thrive [4][5]. Group 2: Individual Experiences - The article features interviews with graduates from "revived majors," showcasing their educational and career paths as reflections of changing industry demands [5]. - For instance, a graduate who transitioned from economics to microelectronics found that the demand for chip engineers surged due to the rise of mobile internet and IoT technologies [13][14]. - Another graduate in archaeology noted a resurgence in interest in cultural heritage, leading to increased enrollment and job opportunities in the field [18][21]. Group 3: Industry Trends - The microelectronics industry experienced a boom from 2014 to 2020, driven by technological advancements, but is now facing oversupply as the market shifts towards software-driven innovations [13][14]. - The materials science sector has seen a growing demand due to the intersection with AI and clean energy technologies, with companies reporting profit increases of 10% to 30% annually [27][28]. - The legal profession is highlighted as increasingly competitive, with a significant portion of opportunities concentrated among a small number of practitioners, emphasizing the need for prospective students to understand the industry's dynamics [37].

Core Viewpoint - Cai Wensheng, the founder of Meitu, is initiating a new round of capital expansion by acquiring a significant stake in China Financial Leasing, aiming to establish an asset management platform focused on investing in Hong Kong tech startups, particularly in AI, Internet 3.0, and digital asset financial products [4][6][32]. Group 1: Acquisition Details - On June 25, 2025, China Financial Leasing announced a major equity acquisition, with Cai Wensheng planning to purchase approximately 35% of the company at a price of HKD 0.38 per share, totaling around HKD 46 million [4][10]. - Prior to the acquisition, China Financial Leasing's stock had plummeted by 99.03% over the past five years, making the acquisition cost-effective for Cai Wensheng [11]. - Following the announcement, the stock price surged over 230% on the first trading day after resuming, closing at HKD 1.12 [9]. Group 2: Strategic Focus - The acquisition is part of Cai Wensheng's strategy to build an asset management platform targeting investments in Hong Kong's tech startups, with a focus on AI, Internet 3.0, and digital asset financial products [6][12]. - Cai Wensheng's recent activities include the purchase of a property in Hong Kong, renamed "CAI Building," which is intended to serve as an incubator for AI and Web3 startups [13][14]. Group 3: Market Context - The recent legislative developments in Hong Kong, including the introduction of the "Stablecoin Regulation," are expected to create a more favorable environment for Web3 and digital asset businesses, which aligns with Cai Wensheng's investment strategy [19][25]. - Major players in the market, such as Ant Group and JD Technology, are also making moves to establish a presence in the stablecoin space, indicating a growing interest in the Web3 ecosystem [22][23]. Group 4: Investment Evolution - Cai Wensheng's investment trajectory has shifted from being a "project hunter" to an "ecosystem builder," reflecting a broader strategy to integrate digital assets with AI technology and explore new growth opportunities [32][33]. - The establishment of "CAI Building" and its associated café is seen as a potential landmark project in the Web3 landscape, contributing to the development of Hong Kong's digital economy [34].

从捐款的组织上看，市委各部（工）委所辖基层党组织收到捐款后将直接交至市慈善协会，并汇总捐献 有关情况，报各系统组织部门。各区基层党组织收到捐款后将交至区慈善协会，并汇总捐献有关情况， 报区委组织部。市、区两级慈善协会加强了与各级组织部门的沟通联系，设立固定接收捐赠点，以及网 络支付、银行转账、邮局汇款等接收渠道，开设"共产党员献爱心"财务专用账号，做好统计汇总工作。 2025年全面推进捐献活动信息化。捐献活动以线上捐款为主，充分发挥"互联网+慈善"的功能，融捐 款、开具捐款证书和捐款电子票据为一体，使捐款更加方便快捷，数据统计及时透明。（胡子傲） 6月27日，2025年"共产党员献爱心"捐献活动正式启动。2025年的捐献活动以线上捐款为主、线下捐款 为辅，捐献人可以通过"共产党员献爱心捐献活动信息平台"线上捐款。截至6月27日15时，全市"共产党 员献爱心"捐献活动共计接收捐款1161.09万元。 2025年是"共产党员献爱心"捐献活动连续开展的第20个年头，活动主题是"爱心惠民生 奋进新征程"， 募集的善款主要用于医疗救助、慈善助学、慈善助老、帮扶生活困难党员、急难救助和慈善建设等。市 委、市人大、市政府、 ...

中金点睛"本周精选"栏目将带您回顾本周深受读者欢迎的研究报告。 01 策略 Strategy 稳定币影响初探 >>点击图片查看全文<< 今年5月，美国和中国香港接连就稳定币监管立法，引发市场关注。稳定币之"稳定"在于其作为一种加密货币，通过与其他资产（通常为法定货币） 挂钩来稳定其价格，区别于比特币等价格波动较高的原生加密货币，稳定币用途更多在于行使货"币"作为交换媒介和计价单位的功能。在币值稳定的 前提下，稳定币依托区块链有望使跨境支付更快速、更廉价、更便捷 。稳定币一方面有助于稳固美元储备地位，另一方面当前美元主导的国际货币 体系生变，国际货币体系正在加速重构，若其他国家发行的稳定币并不锚定美元，也可能进一步挑战美元的储备货币地位。稳定币的发展对美元影响 如何仍需要进一步研究和探索。结合中金研究行业组的观点，我们认为稳定币发展可能相关的企业主要包括：银行IT服务商，电信运营商，加密货币 交易所，作为稳定币交易通道的金融机构等。 图表：美元在全球外汇储备中占比有所下降但仍是主导 资料来源：Haver，中金公司研究部 2025.06.22 | 李求索 张歆瑜等 >>点击图片跳转报告原文<< 02 策略 Str ...

中新社北京6月27日电 (记者赵建华刘育英)中国近日公布、实施《互联网平台企业涉税信息报送规定》 (下称《规定》)。国家税务总局27日发布两份公告，就《规定》具体操作事项进行明确。 国家税务总局介绍，从业人员自互联网平台企业取得的劳务报酬所得一般包括：通过互联网平台提供直 播、教育、医疗、配送、家政、家教、旅行、咨询、培训、经纪、设计、演出、广告、翻译、代理、推 广、技术服务等营利性服务取得的所得。未取得市场主体登记证照的平台内的经营者和从业人员通过互 联网平台销售货物、提供运输服务取得的所得，属于经营所得。 国家税务总局还表示，境外从业人员自境内互联网平台企业取得服务收入的，境内互联网平台企业作为 服务购买方，应当按规定为从业人员代扣代缴增值税。(完) （文章来源：中国新闻网） 据司法部、国家税务总局负责人介绍，《规定》施行对平台企业以及绝大多数平台内经营者和从业人员 的税负不会产生大的影响。互联网平台企业只需依法履行涉税信息报送的程序性义务，自身税负不会变 化；平台内绝大多数合规经营者和从业人员的税负不会变化；平台内众多中小微企业和低收入从业人员 因可享受税收优惠，税负不会变化。但此前存在隐匿收入等情况的 ...