资本市场上没有"无目的"的交易，正如没有"无利息"的贷款。上市公司每一次惊艳市场的并购、每一轮话题度拉满的重组，背后都有明确的驱动逻辑。只不 过，有时候这个逻辑是"披着羊皮的狼"，讲的是为股东创造价值的故事，干的却是为管理层铺路的买卖。 美国更好并购集团 在美国更好并购集团（Goheal）看来，真正精明的投资者，不只是看公告、看估值，更要看资本运作背后那双悄悄伸出的"隐形之手"：到底这场交易，是为 了让股东分钱，还是为了让某些人坐稳"董事会上的王座"？ 谁在策动资本运作？ 回头看中国上市公司近十年的并购重组案例，华丽的词藻从未缺席：产业协同、协同效应、战略升级、转型升级、双轮驱动……但最终落地的往往是"市值 拉升没实现，商誉减值倒是先来"，令人不禁发问：这些操作，真的是在为股东负责吗？ 先来拆解几个常见的套路。 第一种，是"控股权稳固型"操作。 第二种，是"高送转+重组"的幻术操作。 先搞个高送转炒热股价，再配合一个并购计划，美其名曰战略整合，实则是为了配合大小非减持、管理层退出。美国更好并购集团（Goheal）曾深度拆解过 数十个案例，发现这种"组合拳"在2020年前尤其盛行，尤其偏爱中小创公司。股东看热闹 ...

Core Insights - Meta's CEO Mark Zuckerberg discussed the company's evolution, focusing on its AI strategy, the transition of social networks into "discovery engines," and the long-term vision for metaverse hardware [2][3][32] - The introduction of LlamaCon, a developer conference dedicated to open-source AI, highlights Meta's commitment to fostering an open ecosystem for developers [3][8][9] - Meta aims to enhance its advertising business through AI, improving recommendation algorithms and creating a more personalized user experience [35][36][48] Meta's AI Strategy and Open Source - Zuckerberg emphasized the importance of open-source platforms, citing past experiences with mobile platforms that faced restrictions, leading to a preference for open models among developers [5][9] - The Llama API was introduced as a reference implementation for the industry, aiming to provide a reliable source for developers while maintaining low costs [10][12][53] - Meta's open-source approach is seen as a way to drive innovation and flexibility in AI development, with predictions that open-source models will dominate by 2025 [9][10] Advertising and Business Opportunities - The first major opportunity identified is improving the advertising experience through AI, allowing businesses to achieve their goals without needing extensive content creation [35][36] - The second opportunity involves enhancing user engagement and content recommendations, with AI playing a crucial role in content creation and personalization [41][42] - The third opportunity focuses on commercial messaging, leveraging platforms like WhatsApp and Messenger to create a robust business ecosystem [48][50] Future of Meta AI and User Interaction - Meta AI is envisioned as a personalized assistant, capable of understanding user preferences and facilitating interactions in a more natural manner [58][60] - The company aims to integrate AI into its platforms to enhance social connections, addressing the need for users to feel understood and connected [62][63] - Zuckerberg believes that AI will play a significant role in transforming how users interact with content and each other, potentially serving as a supplement to human relationships [62][70]

图片来源： Stratechery Z Highlights 扎克伯格， Facebook 创始人兼现任 Meta CEO 。本次访谈围绕 Meta 的历史背景，探讨了扎克伯格如何看待 Meta 的 AI 战略与定位、社交网络向 " 发现引 擎 " 的演变、元宇宙硬件的长期愿景，以及 Meta 在经济逆境中的反脆弱性。 Meta 开源 AI 战略与平台开放生态的进化 Ben Thompson ： 扎克伯格，欢迎再次来到 Stratechery 。 MZ ： 感谢你邀请我。 Ben Thompson ： 这次采访的契机是 LlamaCon ，这是 Meta 新推出的开发者大会。在深入讨论之前，我想先回顾一下 Facebook 大会的历史。从 2007 年 到 2019 年， Facebook 举办了 f8 大会，在 2020 年和 2021 年停办了两届。大会期间的重要发布包括最初的 Facebook 平台、 Open Graph 、 Parse 等。 不过，有趣的是，这些发布中的绝大多数要么已经消亡，要么与最初愿景相比受到了极大的限制。这些变化是否令人失望，还是说这是一个教训？你如何 看待这些变化？ MZ ： ...

Group 1 - Chao Hong Ji is planning to issue H-shares on the Hong Kong Stock Exchange, with details yet to be confirmed, while its production and operational conditions remain normal [1] - K-Bank is seeking to relaunch its IPO after previous delays, having sent out its prospectus to major underwriters and expected to select a lead underwriter soon [2] - Ningde Times debuted on the Hong Kong stock market with an opening price of 263 HKD per share, closing at 306.2 HKD, marking a 16.43% increase on its first day [5] Group 2 - The Ministry of Housing and Urban-Rural Development reported that over 940 million people live in urban areas in China, with an urbanization rate projected to reach 67% by the end of 2024 [9] - The implementation of the Private Economy Promotion Law marks a significant step in recognizing the legal status of the private economy in China, aiming to promote its sustainable and high-quality development [11] - Meituan is set to launch a new AI programming tool named "NoCode," which is currently in gray testing [17] Group 3 - Douyu reported a total revenue of 947 million CNY for Q1 2025, with innovative business and advertising revenue reaching 383 million CNY, a year-on-year increase of 60.2% [18] - Sailglobal, an overseas HR service provider, announced it has completed a multi-million dollar seed round of financing to enhance AI technology development and expand its overseas service network [20] - "Digital Light Chip" completed a multi-million RMB A+ round of financing, with funds aimed at ongoing chip research and design [27]

点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 潮宏基 36氪获悉，潮宏基披露股票交易异动公告称，公司目前正筹划在香港联交所发行H股上市事项，相关细节和方案尚未确定。目 前公司生产经营情况正常，内外部经营环境未发生重大变化。 K-Bank 钟南山预测：目前仍处在爬坡阶段，预计6月底前结束流行，持续6至8周时间。 整理 ｜丁丁炒面 据业内人士透露，韩国互联网银行K-Bank在三次推迟或取消首次公开募股（IPO）计划后，目前正再次寻求上市。去年10月， K-Bank表示，由于投资者需求低迷，将把IPO推迟到今年年初。今年1月，该行决定放弃IPO计划。据消息人士称，K-Bank已向 主要券商发出IPO招股书，预计将在下周选定主承销商。（新浪财经） 钟南山对新冠病毒做出最新判断：可防可控，不必恐慌 5月19日，钟南山在广州接受采访，对新冠病毒流行趋势做出最新判断："这一轮新冠感染整体上可防可控，不必恐慌"。钟南山 提醒，对于部分65岁以上且有基础病的老年人来说，存在一定危险，建议感染者要在48小时内尽快服用特效药，如来瑞特韦、 先诺特韦和民得维等，避免发展成为重症。对这 ...

龙迅股份分析师会议 调研日期：2025年05月20日 调研行业： 参与调研的机构：线上参与龙迅股份2025年第一季度业绩说明会 的全体投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START S ...

Core Insights - The company, Weihui Technology Holdings, positions itself as a leader in global precious metals trading and digital asset services by leveraging "quantum algorithm trading + AI" as its core engine [1] Group 1: Technological Breakthroughs - Weihui Technology has built a supercomputing cluster using 3,000 NVIDIA H100 cards, enhancing quantum algorithm trading efficiency significantly [2] - The AI system utilizes quantum superposition, entanglement, and state measurement to reduce high-frequency decision latency to 5 milliseconds, achieving a 100-fold speed increase compared to traditional systems [2] - The system supports 28 trillion hash operations and 1.2 million cross-market checks per second, with a peak daily trading volume of over 3 million ounces in precious metals [2] Group 2: Dual-Engine Strategy - The company has introduced the "Alpha Dual PAMM dual-strategy intelligent asset management" combination, which includes a gold shield and a crypto spear [4] - The gold shield offers spot trading for 99 gold and Hong Kong dollar kilogram bars, with a blockchain settlement system achieving second-level delivery by 2024 [4] - The crypto spear captures BTC/ETH volatility arbitrage, with historical monthly returns ranging from 8% to 15% [4] - The intelligent hedging employs FPGA+GPU architecture for nanosecond-level rebalancing, maintaining portfolio stability during extreme market conditions [4] Group 3: Compliance and Security - Weihui Technology's foundation is built on licensed precious metals service provider qualifications, supplemented by multiple safeguards [5] - The company holds a B-class license from the Hong Kong Gold and Silver Exchange and a MAS exemption license from Singapore, ensuring transparent and traceable fund custody [5] - Collaboration with Hiscox provides dual protection through "PAMM custody + professional underwriting" [5] - The company boasts an average daily trading volume exceeding $1 trillion in precious metals, with a 30% reduction in spreads and slippage controlled within 0.1% [5] Group 4: Future Layout - Weihui Technology is strategically positioning itself in the metaverse financial ecosystem and global service network [6] - The company plans to implement a web-based clientless trading system that connects directly to multiple liquidity providers, improving response speed by 70% [6] - A 2030 plan includes the development of an Omniverse 3D trading hall with AI virtual advisors available 24/7 [7] - The company aims to cover ten major financial centers by 2027, reducing global latency to 80 milliseconds [7] Group 5: Data Validation - In 2024, gold prices are projected to rise by 15%, with hedging strategies expected to outperform benchmarks by 30% on an annualized basis [8] - The company's managed assets have surged by 40% year-on-year, targeting $5 billion in institutional AUM by 2025 [8] - The system achieves a data latency of 50 microseconds and maintains slippage control at 0.1%, certified by NVIDIA's supercomputing ecosystem [8] - The CEO emphasizes the goal of investing $100 million over the next three years to enhance quantum algorithm trading and the metaverse financial ecosystem [8]

弧米跨境电商团队成员正在直播带货。 钱塘智慧城正以蓬勃之势书写高质量发展新答卷。作为上城的主平台和省级高新区的创建主体， 2025年一季度，这里奏响产业奋进强音——工业产值增速14%、制造业投资增速40%、营利性服务业增 速14.5%，实现了首季"开门红"。 三大产业赛道 打造特色产业集群 作为弧米跨境电商团队的"带货能手"，这位浙江理工大学机械工程专业的毕业生，与20余名来自全 球各地的外籍主播一起，将中国产品精准推向东南亚和欧美市场。 包括弧米跨境电商团队在内，钱塘智慧城如今已集聚130余家直播电商头部企业，同时还聚焦做 深"平台+服务"文章，正着力打造全省跨境电商标杆示范园区。 眼下，钱塘智慧城锚定数字能源、数字时尚、智能物联三大赛道，构建起极具竞争力的产业矩阵。 除了数字时尚"热辣滚烫"外，数字能源领域"聚链成群"——0.6平方公里的钱塘智慧城城北园区已汇聚 东方电气长三角研究院、苏文电能浙江总部等企业，累计拥有5家上市企业、8家国家级"小巨人"企业， 今年还将协同丁兰西子智慧产业园，聚焦新型储能、智慧光伏、智能电网等细分领域，为数字能源企业 提供充足发展空间，目标直指千亿级数字能源高地；智能物联赛道 ...

AI智能体加速大模型落地文旅行业。新京报贝壳财经记者从现场工作人员方面了解到，由于接入速度 快、配置成本较低，基于智能体的AI能力受文旅行业青睐。另外，大模型落地文旅行业难点在于数 据，整合景区等多方数据、建立数据库，再配上大模型才能发挥最大价值。 国务院国资委秘书长庄树新在致辞中表示，国务院国资委指导推动中国移动会同中国旅游集团牵头，联 合有关中央企业协力推进"和美乡途"央企文旅帮扶平台建设。"下一步，国资央企将以更大力度、更实 举措深化拓展乡村振兴工作，让帮扶成果更多更好惠及广大农民群众特别是脱贫群众。" "和美乡途"央企文旅帮扶平台由中国移动旗下的咪咕公司负责具体建设运营，支持AI（人工智能）一键 成片、AI一图焕新等功能。据中国移动副总经理李慧镝透露，下一步，将充分发挥AI、大数据、元宇 宙等数智化能力优势，持续优化完善平台功能。 新京报贝壳财经讯（记者韦英姿）5月19日，中国移动（600941）、中国旅游集团在京发布上线"和美乡 途"央企文旅帮扶平台。首批20条精品路线集体亮相发布会现场。目前，该平台已上线百余条特色线 路，覆盖80余家央企130多个援扶县。 据现场工作人员介绍，考虑到不同企业的预算 ...

Core Insights - The domestic consumer-grade AI/AR glasses market saw sales reach 96,000 units in Q1 2025, marking a 45% year-on-year growth, with screen-based AR glasses accounting for 80% of the market share and non-screen AI glasses making up 20% [1][2] Market Drivers - The growth is driven by three core factors: 1. The benchmark effect from overseas products like Ray-Ban Stories, which activated domestic demand through a "hardware + ecosystem" model [2] 2. Technological iterations leading to a shift in consumer preferences towards lightweight AI glasses with real-time translation and voice interaction capabilities [2] 3. National policy subsidies injecting vitality into the market, particularly for non-screen AI glasses priced under 1,000 yuan [2] Market Structure - The market is characterized by significant structural differentiation, with the Birdbath + Micro OLED solution holding 85% of the AR glasses market share, while non-screen AI glasses are emerging as market leaders due to their cost-effectiveness [3] Competitive Landscape - Leading brand Thunderbird Innovation holds a dominant 45% market share, showcasing its strength in "hardware + algorithm + ecosystem" vertical integration [4][5] - XREAL ranks second with an 18% market share, leveraging its self-developed X1 spatial computing chip for enhanced user experiences [7] - Starry Meizu, with a 14% market share, capitalizes on its smartphone heritage to offer competitive AR glasses [8] - VITURE targets the high-end gaming segment, despite a smaller market share, by delivering superior visual experiences [9] - Rokid is shifting focus towards AI + AR glasses, aiming to establish a strong presence in both consumer and industrial markets [10] Industry Trends - The AI/AR glasses market is witnessing a surge in cross-industry participation, with major consumer electronics brands like Xiaomi and Huawei entering the space, emphasizing ecosystem integration over immediate sales [10] - Internet giants such as Baidu and Alibaba are also accelerating their entry into the market with self-developed AI glasses, contributing to a diversified competitive landscape [10] Market Outlook - The AI/AR glasses market is on the brink of a breakthrough, transitioning from niche products to essential tools for productivity, reshaping human-computer interaction and becoming a key entry point in the metaverse era [11]